Lloyds Banking Group Plc agreed to acquire Zurich Insurance Group AG's U.K. workplace pensions and savings business with AUM of £19 billion.
Financial terms of the transaction were not disclosed.
The bank said the deal will enhance unit Scottish Widows Ltd.'s current offering and expands its participation in the financial planning and retirement segment. Scottish Widows manages more than £124 billion of funds, of which £35 billion is workplace pensions business.
The deal is expected to partially close in the first quarter of 2018, followed by the subsequent completion and transfer of assets after receipt of required regulatory and legal approvals, according to the Oct. 12 statement.