Standard Life says it will not sell its Canadian unit

INSURER Standard Life is not looking at selling off its underperforming Canadian business, according to a source, despite a report saying that it had asked its advisors to review the unit.<br /><br />&ldquo;It is not the case that Standard Life is looking at selling its Canadian business,&rdquo; said a source close to the situation.<br /><br />It follows a report in the Independent on Sunday newspaper suggesting that the company has asked its advisors to review the business with a view to selling it off.<br /><br />A spokesperson for Standard Life refused to comment on whether the Canadian business was being put up for sale.<br /><br />However, outgoing chief executive Sir Sandy Crombie said in August the Edinburgh-based business had no plans to sell its Canadian operation. <br /><br />Last week the firm said that its finance director David Nish, will take over in January as chief executive. He beat Keith Skeoch, who runs Standard Life Investments, and was also considered a strong contender for the top job.