Royal London to buy Co-op Bank divisions

Nicola Brittain

Members of life and pensions mutual Royal London have agreed to proposals to acquire the life insurance and asset management businesses of the Co-operative Banking Group.

The acquisition will see the Co-op receive £219m in total with £39m paid up front, and £180m from a CIS fund within the life and pensions division returned to the Co-op on completion of the deal. If signed off by the regulators - the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) - the acquisition is likely to be completed in late summer 2013. Some 95% of the members voted in favour of the motion at the company's extraordinary general meeting (EGM) in London this morning. The company required just a simple majority member vote in favour for the prop...

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