The Prudential Regulation Authority (PRA) has approved the change in control required for the purchase of Co-operative Banking Group's life insurance business Co-operative Insurance Society (CIS) by mutual Royal London.
Royal London has also received the Financial Conduct Authority’s (FCA's) approval for purchase of the Co-operative’s asset management business - Co-operative Asset Management . This follows the signing of a sale and purchase agreement earlier this year between both parties. In addition, approval has been obtained from Royal London members, who voted overwhelmingly in favour of the transaction at the extraordinary general meeting in June. As part of the completion process, CIS must convert from an industrial and provident society to a limited company and change its name to RL (CIS) Lim...
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