Scottish Widows buys Zurich pensions and savings business
Scottish Widows, based in Edinburgh, is to take over the UK pensions and savings division built up by Zurich.
The long-rumoured deal was announced on Thursday by Scottish Widows' parent company Lloyds Banking Group.
"The acquisition of Zurich Corporate Savings complements Scottish Widows' growth to date and provides us with an ideal opportunity to accelerate our goal to become a market leader in this important sector for advisers and customers.
Antonio Lorenzo, chief executive at Scottish Widows, said: "Today's announcement is a clear signal of Lloyds Banking Group's commitment to the financial planning and retirement segment.