Liverpool Victoria and Royal Liver, the two biggest friendly societies, are in merger talks that could lead to a £10billion mutual giant with more than 5million customers.
The Daily Mail understands that talks have been under way for weeks and explain why Royal Liver chief executive Steve Burnett quit unexpectedly in August. It is believed he was opposed to the planned merger and fell out with chairman David Woods. Woods, a renowned dealmaker who cut his teeth in 2001 selling mutual life insurer Scottish Provident for £1.8billion to Abbey, is doubling as chairman and chief executive.More recently, Woods was a non-executive director of Resolution, the vehicle created by buccaneering entrepreneur Clive Cowdery to sweep up a series of closed life insurance fu...
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