Insurance tycoon Clive Cowdery, whose recent acquisitions have included Friends Provident and parts of Axa UK, has failed with an attempt to land the UK’s biggest owner of “zombie” insurance funds.

Insurance tycoon Clive Cowdery has emerged as a surprise bidder for the 632 bank branches being sold by the UK's Lloyds Banking Group, it was reported today.

Friends Provident shares opened higher today after it was reported insurance entrepreneur Clive Cowdery had the life assurer in his sights.

Friends Provident wrote a new chapter in its 175-year history today after unveiling an £8.6bn (€12.8bn) merger deal to create a “significant” new force in the British insurance industry.