Page last updated at 12:34 GMT, Thursday, 11 February 2010

LLoyds sells 70% stake in Esure

LLoyds Banking Group has announced it will sell its 70% stake in the online insurer, Esure.

Lloyds' share, valued at slightly more than £185m, will be taken up by a new company, Esure Group Holdings, led by esure chairman Peter Wood,

The new company has been formed as a result of a management buyout.

Esure employs hundreds of people in Scotland. It was formed in 2000 as a joint venture by Peter Wood and the then Halifax.

Esure staff will still continue to be employed by Esure Services, Lloyds said.

Commenting on the sale, Archie Kane, group executive director of insurance and investment for the Lloyds Group, said:" This sale means we can focus out efforts on our core general insurance brands of Halifax and Lloyds TSB."



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