Lloyds Banking Group is preparing to sell off Scottish Widows so that the part-nationalised bank can increase its focus on its core business, according to media reports.

According to The Times, the Chief Executive of Lloyds Banking Group, António Horta-Osório, will be outlining his new strategy following an ongoing review of the business in June.

Part of the review will see Scottish Widows sold off for a price expected to be in the region of five to seven billion pounds.

With the sale not even officially confirmed yet, there are of course no known bidders. However Resolution, which owns Friends Provident, is thought to be a likely buyer.

As well as selling Scottish Widows, Lloyds Banking Group, may also be considering the sale of Scottish Widows Investment Partnership.

Both Lloyds Banking Group and Resolution described the reports as "market speculation" and refused to comment further on the matter.