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UKFI will not block Resolution from Lloyds assets, say reports

Resolution’s Clive Cowdery has reportedly held talks with UK Financial Investments over the sale of Lloyds Banking Group’s insurance brands.

According to the Independent on Sunday, Treasury officials have assured him that the offshore structure of his company will not hamper his attempts to buy either Clerical Medical or Scottish Widows.

The paper quotes a source as saying: “Reassurances have been made to Resolution. It will be treated as any other foreign buyer would be. This is a commercial decision.”

Apart from Clerical Medical and Scottish Widows, the Guernsey-based company is believed to be pondering acquisitions of the UK businesses of Axa, Zurich and Aegon as well as Prudential’s UK arm.

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