Finance director Culmer said the bank is actually into a second round of bidding for the around 109 billion pound asset management mandate that will the item withdrew through Standard Life Aberdeen (SLA) in February.
The 11 billion pound merger that will created SLA triggered the right for Lloyds along with Scottish Widows, which is actually part of the British bank, to review an agreement struck in 2014 for Aberdeen to manage pension assets on behalf of Lloyds’ insurance along with wealth units as Standard Life is actually a “material competitor” to both.
“We’ve entered round two today using a more select group of bidders, along with what I can say is actually obviously we’re not allowed into round two any bidder with whom we have material competition concerns,” Culmer said on Wednesday.
Chief Executive Antonio Horta-Osorio said the bank’s first-quarter results demonstrated the strength of its business design along with maintained his upbeat tone on the UK economy.
“The UK economy continues to be resilient, benefiting through low unemployment along with continued GDP growth,” he said, adding the bank had seen no deterioration in asset quality along with expected This specific to continue throughout 2018.
Lloyds’ exposure to consumers’ finances via mortgages along with unsecured lending like credit cards make the item a bellwether for the British economy.
While loan impairments rose to 258 million pounds over the first three months of 2018, compared with the 127 million pounds seen from the same period last year, Culmer stressed This specific was “nothing to do” using a deterioration from the bank’s loan book or the economy.
The bank, which laid out a fresh three-year strategy in February, also reported a common equity tier one capital ratio of 14.4 percent along with took another 0 million pounds in provisions to resolve issues related to its mis-selling of payment protection insurance.