Lloyds Banking Group PLC ADR (NYSE:LYG) focuses in the delivery of financial and banking services. The company serves customers in United Kingdom and in other areas globally through the Bank of Scotland and Lloyds Bank. It was today that it revealed its plan to collaborate with Schroders in a bid to establish a top-performing wealth business.
Current state of affairs
Reports indicate that the two companies struck the deal on Tuesday.The common objective of the two was to spark about a desirable impact on the way Britons invest and save. They hope that the multi-billion deal will help them fetch higher revenues in a market currently characterized by stiff competition.
Schroders is one of the most trusted fund management groups in Britain. In terms of size, it is the second largest with quite a significant deal of assets. The business is in talks with Lloyds Banking Group. It remains optimistic the deal will help them grow significantly.
These two businesses want to unveil a new venture focused on financial management. Talks in line with the establishment of the joint venture are currently underway. Lloyds disclosed these details a month ago.
A close outlook
Sources have termed this deal the biggest of its kind between a fund manager and a top performing bank in Britain. It is a deal that pulls along with so much. That ranges from the huge Lloyd’s customer base and the fund manager’s investment offering. Lloyd terms its expansive distribution network a major addition to the new business deal.
The director of insurance and wealth at the Company Antonio Lorenzo remains optimistic. The official exudes confidence that they will indeed succeed on their quest to rise and become a vibrant joint venture. The target is that within a timeframe of just five years customers will already have trusted them. They seek to get a place among the top three financial planning businesses in the UK.
Schroders seeks to take advantage of the deal to sell its equity and fixed income products. It believes Lloyds customers is sufficient market for its products.