Lloyds disappointed by Standard Life’s move to keep $148bn

Bloomberg

Lloyds Banking Group Plc is “surprised” and “disappointed” by Standard Life Aberdeen Plc’s decision to challenge the bank’s plan to pull 109 billion pounds ($148 billion) from
the asset manager, the lender said in a statement.
Lloyds gave notice in February that it planned to end the mandate after the merger of Aberdeen and Standard Life made the combined firm a competitor to the lender in the insurance industry. The Edinburgh-based money manager, whose biggest client is Lloyds, has since agreed to sell the insurance unit.
Standard Life does not consider the firm to be in material competition with the bank, the asset manager said in a statement on Tuesday. As a result, Lloyds doesn’t have the right to terminate the arrangement, according to Standard Life, the company said.
“We note and are disappointed by the comments made by Standard Life Aberdeen, particularly in the light of our position as a major customer,” the bank said in an emailed statement.