Britain's biggest high street lender is to inject its £13bn wealth management arm into a new joint venture with Schroders, the blue-blooded investment giant whose clients are said to include the Queen.
The deal will see Lloyds owning 50.1% of the new JV, with Schroders owning the rest, according to a source close to the deal.
It will help reshape the City's vast wealth management sector by taking Schroders, an institution which traces its roots back to 1804, into the so-called 'mass affluent' customer demographic for the first time.
Sources said the transaction would harness Schroders' technology and investment management capabilities and marry them with Lloyds' vast distribution network, fulfilling the strategic objectives of both partners.
The Financial Times have reported that Schroders and Lloyds Banking Group have confirmed they are in talks over the wealth management tie-up.
Hit the link below to access the complete Sky News article:
Have something to tell us about this article?