U.S. financial services company Ameriprise Financial is lining up an 800 million pound ($1.22 billion) bid for Lloyds Banking Group's Scottish Widows asset management arm, the Sunday Times reported. Last week Reuters reported that Lloyds had hired advisors for a possible sale of Scottish Widows Investment Partnership (SWIP), as it prepares for a likely regulatory demand to raise more capital.The Sunday Times said analysts believe Minneapolis, Minnesota-based Ameriprise, which owns British fund firm Threadneedle Investments, would lay off most of SWIP's Edinburgh-based employees if it wins the auction.Both Ameriprise and Lloyds declined to comment.UK banks are having to consider further disposals after the Bank of England said they must raise a total of 25 billion pounds of extra capital by the end of the year, to be in a position to absorb future loan losses.
Ameriprise Financial, Inc. (Ameriprise Financial) is a holding company primarily engaged in business through its subsidiaries. Shares of AMP traded higher by 3.71% or $2.58/share to $72.18. In the past year, the shares have traded as low as $45.17 and as high as $75.50. On average, 1468050 shares of AMP exchange hands on a given day and today's volume is recorded at 1977857.
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