The Times has reported that Lloyds are preparing to offload Scottish Widows as a part of the review of the business by António Horta-Osório the Portuguese born head of Lloyds Bank – who took over at the start of March 2011 having previously headed up (CEO) Spanish Bank Santander here in the UK. Scottish Widows may be somewhat relieved at this, being able to wriggle free of the clutches of the Bank with whom they have had close relations since March 2000. The Lloyds HBOS amalgamation in 2009, has not really helped to add credibility to its brand.
So if you have Scottish Widows products (which includes Clerical Medical ones) prepare yourself for a bombardment of paper over the coming months as potential owners jostle for position to win over the Widows. In my opinion Scottish Widows is one of the best insurance companies around and ought to attract a worthy buyer, who would need a far better brand name (and I cannot think of one) that would warrant dropping the Scottish Widows brand name.
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