19 Oct 2017 | 10:45 am |
International law firm Pinsent Masons has advised Zurich on the sale of its UK workplace pensions and savings business to Lloyds Banking Group to boost Scottish Widows.
The strategic deal will see Lloyds Banking Group acquire Zurich’s UK workplace pensions and savings business with assets under administration of more than £15 billion and c. 500,000 customers.
The transaction is in line with Zurich’s strategy and includes a multi-year, exclusive distribution partnership for Zurich to provide group life protection solutions to certain corporate clients of Lloyds Banking Group’s Commercial Banking services. The overall deal underlines Zurich’s ambition to grow in markets where it is performing strongly and further cements its number one position for new sales in corporate protection.
The Pinsent Masons’ team advising on the deal was led by Corporate Partner Hannah Brader with assistance from Chrissy Findlay (Senior Associate) and Emma Dawe (Solicitor) on corporate matters. Specialist pensions advice was provided by Simon Laight and Michael Kemp.
Hannah Brader commented: “We are delighted to be continuing our relationship with Zurich and to have advised on the strategic sale of its UK workplace pensions and savings business to Lloyds Banking Group. This transaction is illustrative of Pinsent Masons’ corporate expertise in the financial services sector and underlines our position as a leading legal adviser in the workplace pensions and savings market.”
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 legal approvals.
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