Lloyds Banking Group (Lloyds) notes the announcement of the proposed all-share merger of Standard Life plc and Aberdeen Asset Management plc (Aberdeen). Lloyds has provided Standard Life and Aberdeen non-binding indications of support in its capacity as shareholder in relation to the proposed merger.
Since Aberdeen acquired Lloyds’ asset management business (Scottish Widows Investment Partnership) in 2014, Aberdeen and Lloyds have enjoyed a strong business partnership and Lloyds remains a key customer of Aberdeen. Lloyds welcomes the opportunity to explore ways to build a successful relationship with the combined Standard Life and Aberdeen group for the benefit of our respective customers, businesses, shareholders and other stakeholders.
To allow these discussions to progress, Lloyds has agreed, for a period of 6 months from completion of the proposed merger, to delay making a decision in relation to the exercise of any applicable termination rights in various agreements with Aberdeen arising as a result of the proposed merger and the making of certain material unscheduled withdrawal of assets from the management of Aberdeen.
Note to editors:
Lloyds has a 9.8% equity stake in Aberdeen acquired as a result of the sale of Lloyds’s asset management business to Aberdeen in March 2014. Lloyds’s Insurance and Wealth businesses also have long-term investment management agreements with Aberdeen.