$2.3 billion for Aberdeen shareholders

Standard Life Aberdeen would be returning as much as £1.75 billion ($2.3 billion) to shareholders after it completes the sale of its insurance unit to Phoenix Group Holdings.

The publication has included unit would improve its chances of keeping a mandate to manage £109 billion that it invests for Lloyds Banking Group, its biggest client.

A contest is held among fund managers interested in overseeing the money after it decided to pull the capital following the merger of Aberdeen and Standard Life.

The asset manager is challenging Lloyds’ decision to allocate the capital elsewhere. The Edinburgh-based company will receive £2.3 billion ($3.1 billion) in cash from the deal as well as a stake of almost 20 % in Phoenix.