13 Jan 2000
Scottish Secretary John Reid today received confirmation from Lloyds TSB that they will retain and expand their fund management operation in Edinburgh following their acquisition of Scottish Widows.
Following a meeting in London with Lloyds TSB, Mr Reid said:
"I had a productive meeting today with Lloyds TSB Chairman, Sir Brian Pitman and Chief Executive, Peter Ellwood.
"We all recognise Scotland’s significance as one of Europe’s leading centres for fund management.
"I was pleased that Lloyds TSB confirmed that they would be basing their fund management operations in Edinburgh under Mike Ross’s leadership following the acquisition of Scottish Widows. They also envisage an expansion of the operation.
"Lloyds TSB is a key player in the Scottish financial scene as well as a major employer of several thousand people. This confirms Scotland’s importance as a leading European financial centre and is good news for the Scottish economy."