It was barely four months ago that Lloyds Banking Group and Standard Life Aberdeen (SLA) reportedly abandoned advanced talks involving a “secret” life insurance merger plan due to disagreements. Now it looks like the two are severing ties for good, with the bank divesting in the investment firm.

BofA Merrill Lynch, which is acting as sole bookrunner, has revealed that Lloyds is selling its 97.7 million shares in SLA through an accelerated bookbuild offering. The shares represent about 3.3% of the investment company’s issued share capital.

“The offer price per placing share and the final number of placing shares to be sold will be agreed at the close of the bookbuild process and the results of the transaction will be announced as soon as practicable thereafter,” said BofA Merrill Lynch in an announcement. “Settlement of the transaction is expected to take place on June 12, 2018.”

Earlier this year Lloyds subsidiary Scottish Widows terminated its partnership agreements with the fund manager, whose name came from the combined Standard Life and Aberdeen Asset Management.

“Given the merger of Standard Life and Aberdeen has resulted in our assets being managed by a material competitor, it is now appropriate to review our long-term asset management arrangements to ensure they remain up-to-date and that customers continue to receive good service and investment performance,” said Scottish Widows chief executive Antonio Lorenzo in February.

The cancelled partnership involved assets worth £109 billion.

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