Lloyds Banking Group PLC (LLOY.LN) said Thursday that it is buying Zurich Insurance Group AG's (ZURN.EB) U.K. workplace-pensions and savings business, which has assets under administration of 19 billion pounds ($25.1 billion).
Lloyds said the deal is in line with the group's targeted growth strategy, and accelerates the development of its financial planning and retirement business.
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It didn't say how much it is paying.
The acquisition is expected to partially close in the first quarter of 2018, with final completion and transfer of assets following the required regulatory and legal approvals, Lloyds said.
Lloyds returned to private hands in May after the U.K. government sold its remaining shares in the bank it bailed out during the financial crisis.
Lloyds is the U.K.'s biggest retail bank and was bailed out by taxpayers in 2008, with the government taking a 39% stake. The government started selling its shares in late 2013.
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(END) Dow Jones Newswires
October 12, 2017 06:55 ET (10:55 GMT)