Royal London to buy Co-op Bank divisions

Nicola Brittain
clock

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...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Port Talbot, Wales

'Model behaviour' sees Quilter avoid penalty for Lighthouse/British Steel

Comes after Lighthouse Advisory Services was censured last month

Hope William-Smith
clock 01 June 2023 • 2 min read
Newport, Wales

Newport firm Niche IFA stops trading as FSCS begins British Steel probe

The lifeboat fund began its investigation at the end of last week

Hope William-Smith
clock 30 May 2023 • 1 min read
Aegon pensions director Steven Cameron

Advisers back track on centralised retirement propositions

Retirement market and adviser sentiment changes researched

Hope William-Smith
clock 23 May 2023 • 1 min read