LONDON: Lloyds Banking Group Plc may sell part of its fund management business, including a possible initial public offering of Scottish Widows, to raise cash after its bailout, sources said.

Lloyds is in the early stages of assessing options for Scottish Widows, its 194 year-old money management and insurance division, said the sources, who declined to be identified because the talks are private.

The bank may also sell Clerical Medical, a provider of investment products and pensions, the sources said.