Lloyds Banking Group (LBG) and Zurich have signed a deal under which LBG will acquire Zurich's UK workplace pensions and savings business with assets under administration of more than £15 billion and circa 500,000 customers.
The deal includes a multi-year, exclusive distribution partnership for Zurich to provide group life protection solutions to certain corporate clients of LBG's Commercial Banking services As part of the transaction around 200 Zurich employees - including key management, relationship managers, technical experts and operations staff, located primarily in Cheltenham - are expected to transfer to LBG under a TUPE arrangement. The acquisition is expected to partially close in the first quarter of 2018, with subsequent completion and transfer of assets following the required regulatory and ...
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