Lloyds TSB Set to Sell Abbey Life

Lloyds TSB Group is auctioning its Abbey Life insurance unit, which is expected to fetch more than 1 billion pounds ($1.97 billion), newspapers reported The U.K. bank solicited bids last month, and the first round of offers was due last week. Among the bidders are as Resolution and Swiss Reinsurance, people familiar with the matter told the Wall Street Journal.

Sun Capital is also in the frame, the Financial Times quoted its sources as saying.

Other interested bidders could include U.S. hedge fund Cerberus and private equity group Blackstone, the FT added.

Speculation concerning the imminent sale of Abbey Life has been circulating in the market for several months.