Merrill Lynch, Lazard and UBS are in pole position to lead Standard Life's £4bn (€5.9bn) to £6bn flotation next year, expected to be among the largest in the UK.

Roles on the initial public offering will be formalised once Standard Life's board has given the go-ahead, expected in the next couple of months. A source close to Standard Life said the three banks are favourites to win lead roles.