Lloyds denies Widows’ takeover talk

The Evening Standard newspaper had reported that Lloyds had received a multi-billion pound approach from Edmund Truell, the founder of private equity firm Duke Street, who is bringing £500m bid vehicle Tungsten to the stock market.

Analysts estimate that Scottish Widows is worth between £5bn and £6bn.

It is headed by Toby Strauss, the former chief executive of Aviva’s York-based life business.

Lloyds said it had no plans to dispose of the asset, however.

“Our insurance business remains a core part of the group and we have had no such approach,” a spokesman said.

At the time of launch, Mr Truell said Tungsten would target “good, sustainable financial services companies” across Northern Europe.

“Never in my lifetime has there been more firms up for sale from the financial services sector and relatively little capital available to buy those businesses,” he told reporters.

Lloyds bought Scottish Widows for around £7bn in 2000.