The UK's Lloyds Banking Group on Wednesday said it would bring its asset management businesses together under its Scottish Widows brand, selling most of Insight Investment Management to Bank of New York Mellon for £235m (€273.5m) as part of the restructuring.

The bank is undertaking a large-scale revamp after acquiring rival HBOS in a government-backed deal last September. The revamp is expected to see most HBOS functions brought under the Lloyds equivalents, but also some asset sales as the takeover comes under European Union anti-trust scrutiny.