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Lloyds to sell its remaining Standard Life Aberdeen stake

Reuters - UK Focus

LONDON, June 7 (Reuters) - Lloyds Banking Group will sell its remaining 97.7 million shares in Standard Life (LSE: SL.L - news) Aberdeen, representing 3.3 percent of the shares of the asset manager, Bank of America Merrill Lynch which is running the deal said on Thursday.

The deal follows Lloyds cancelling its 109 billion pound mandate with Standard Life earlier this year, citing competition concerns following the 11 billion pounds merger of Aberdeen Asset Management and Standard Life. (Reporting by Lawrence White Editing by Alexandra Hudson)