UK. Home Industry Life Lloyds Bank… Lloyds Bank may expand into pensions and wealth management
UK high street bank Lloyds, which owns Scottish Widows, may be about to announce a major push into pension and investment products as part of a three-year growth plan.
The Financial Times reported over the weekend that the bank was looking to capitalise on its position as Britain’s only integrated high street bancassurer, which allows it to provide wealth and retirement services to its retail customer base.
Mario Mazzocchi, a pensions and investment director at Lloyds’ Scottish Widows business, told the paper that Lloyds Banking Group was in a unique position to offer financial planning, retirement and long-term savings solutions to retail customers.
“We expect demand for these products to grow, driven by a number of factors, including the introduction of pension freedoms, auto-enrolment and a shift from defined benefit to defined contribution pension schemes to name a few,” he said.
Lloyds is currently responsible for nearly a quarter of the UK current account market.
The new strategy talk comes barely a month after Lloyds chief executive António Horta-Osório implemented a major restructuring of the bank, including a big managerial reshuffle.
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