Lloyds Banking Group contemplates moving Scottish Widows to England
Lloyds Banking Group may plan to move the group's Scottish Widows division to England, following the rejected independence referendum last week.
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Scottish Widows, Lloyds' 200-year-old insurance division, may reform as part of a new legal entity next year with the option to domicile in England.
Rather than risk potential uncertainty in the future, the bank may decide to move to England regardless of the outcome, according to Bloomberg Businessweek.
In the run up to the Scottish referendum last month, both Lloyds Bank and the Royal Bank of Scotland threatened to move to England in the event of a yes vote. The claims caused widespread criticism from the Scottish National Party, concerned that the threats were politically motivated.
According to a statement made by a Lloyds spokesman, the “review is at an early stage and no final decisions have been made”.