Lloyds Banking Group said it will sell its Insight Investment unit to Bank of New York Mellon for 235 million pounds ($386.2 million), following the completion of a strategic review of its asset management business.

The bank, which saw bad debts soar to 13.4 billion pounds in the first half of the year, more than five times the 2.5 billion pounds a year ago, said it was also making some structural changes to the remaining parts of the business.

Lloyds intends to transfer the investment management of funds sourced from its Halifax and Bank of Scotland bancassurance units, the Bank of Scotland wealth management operation and the Clerical Medical intermediary franchise from Insight to Scottish Widows Investment Partnership.

(Reporting by Victoria Howley)

United kingdom