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LONDON, April 19 (Reuters) - Part-nationalised LloydsBanking Group has hired Deutsche Bank to advise it onthe possible sale of Scottish Widows Investment Partnership(SWIP), its asset management unit, a source familiar with thematter said.
A sale of the business is one of a number of options beingconsidered as the bank looks to strengthen its balance sheet inresponse to toughening regulatory demands, the source said.
A formal sale process has not yet begun, however, and thewhole Scottish Widows insurance business is not up for sale, thesource said.
SWIP provides asset management services to both internal andexternal clients. SWIP had 141.7 billion pounds under managementat the end of 2012.
The Bank of England said in March that UK banks must raise25 billion pounds ($38 billion) of extra capital by the end ofthe year to absorb any future losses on loans.
Lloyds and Deutsche Bank declined to comment on the matter.
