Lloyds TSB has been at the center of speculation over rumors it plans to sell life insurance and asset management division Scottish Widows to Fortis.

Scottish Widows became part of the Lloyds TSB Group in 2000 and provides pensions, savings and investments. Fortis, the Belgo-Dutch financial services group, is said to be offering GBP6 billion or more for the division.

Fortis has not commented on the rumors.