L&G to challenge banks on lending to larger SMEs

The paper said the life insurer is looking to launch a lending arm by the end of the year to capitalise on growing demand from firms looking for alternatives to banks. It would focus on 'private placements', the report said. It explained these placements allow firms who have been shut out of public debt markets to borrow sums lower than £20m for up to ten years. In a video interview with the FT, L&G chief executive Nigel Wilson said: "It's disappointing to say the least… that we [insurers] haven't developed this as a business. "We will step up and take over some of the roles tha...