Lloyds Banking To Buy UK Workplace Pensions And Savings Business From Zurich

(RTTNews) - Lloyds Banking Group (LLOY.L, LYG) announced it has entered into an agreement with Zurich to acquire its UK workplace pensions and savings business with assets under administration of 19 billion pounds. Lloyds Banking said the transaction is in line with the Group's targeted growth strategy and accelerates the development of its financial planning and retirement business.

Lloyds Banking expects the acquisition to partially close in the first quarter of 2018, with subsequent completion and transfer of assets following the required regulatory and legal approvals.