Citigroup and Goldman Sachs are set to lead the £1.5bn (€2.2bn) rights issue from Resolution Life, the UK life assurer, to help fund its bid to buy Abbey's closed life insurance arm. It is set to be the largest London follow-on share sale for two years.

The two investment banks, along with Lazard, are currently corporate brokers to Resolution and are advising the UK life assurer on the acquisition. Other banks could be also added to the syndicate, sources said.