Standard Life Aberdeen (SLA) has emerged victorious in a case related to the cancellation of a £109bn investment management mandate by Lloyds Banking Group (LBG).

Ruling in favour of SLA, a tribunal said that Lloyds was not entitled to scrap the deal.

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The deal was signed by Aberdeen in 2014 following the purchase of Scottish Widows Investment Partnership from Lloyds.

The mandate expires in 2022.

SLA CEO Keith Skeoch said: “Now that the arbitration panel has ruled in our favour, we will carefully consider our next steps, working constructively with LBG to bring the matter to resolution.”

Lloyds decided to terminate the mandate managed for subsidiary Scottish Widows last February on competition grounds.

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The bank said that the decision was triggered by the merger of Aberdeen with Standard Life.

Later, Lloyds divided the management of the assets between BlackRock and Schroders.

BlackRock secured a £30bn slice of the mandate, while Schroders was made responsible for the management of £80bn of assets.

Commenting on the decision, a Scottish Widows spokesman said: “We are disappointed with the decision of the arbitration tribunal, and will look to discuss its outcome with Standard Life Aberdeen.”

“Our strategy remains unchanged, which is to do the right thing for customers. We will discuss starting the process of an orderly transfer of assets to our new partners BlackRock and Schroders.

“We will continue to work closely with Standard Life Aberdeen to ensure there is no disruption to performance or service.”