Lloyds TSB sells Abbey Life to Deutsche Bank, as profits surge

0 Comments | AFP, July, 2007

LONDON (AFP) — Lloyds TSB, the fifth-biggest British bank, said Tuesday it would sell insurance arm Abbey Life to Germany's Deutsche Bank for 977 million pounds, as it posted soaring profits in the first half of 2007.

The Abbey Life deal, which was dependent on regulatory approval and was worth the equivalent of 1.445 billion euros or 1.981 billion dollars, was expected to be completed in the second half of 2007.

"Lloyds TSB Group plc today announces that its subsidiary Scottish Widows plc has reached agreement to sell Abbey Life Assurance Company Limited to Deutsche Bank AG for a cash consideration of 977 million pounds," Lloyds said.

Under the agreement, Scottish Widows Investment Partnership is to continue to manage Abbey Life's funds for ten years. Abbey...