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Report: Lloyds seeks acquisition targets for Scottish Widows

hasengaged with investment banks in recent weeks to advise on potentialacquisition targets for insurance arm Scottish Widows Group Ltd., Sky News reported April 7.

Thebanks will work with management consultant firm McKinsey to look for assets inthe corporate pensions and bulk annuities sectors, according to the report. Theplans should cool speculation that Lloyds could be interested in selling theinsurance arm, "people close to Lloyds" told the newswire.

"Weare looking at how we continue to focus on growing our insurance business wherewe believe we have competitive advantage through our sector expertise andscale," a Lloyds spokesman told Sky News, adding that the group has noplans to review its insurance business more broadly or to consider divestments.Expanding Scottish Widows forms part of a three-year strategy outlined in 2015by Lloyds CEO António Horta-Osório, Sky News noted.