Royal London receives green light to buy Co-op’s life insurance and asset management business

co-operative bank

Royal London has announced that has received regulatory approval for its planned acquisition of The Co-op’s life insurance and asset management business.

The Prudential Regulatory Authority and the Financial Conduct Authority approved the move after 95% of Royal London members voted in favour of the deal in June this year.

Royal London group chief executive Phil Loney said: “The transaction can now go forward to completion and we can start to realise the benefits for Royal London members and The Co-operative’s policyholders.”

The fate of the co-operative’s general insurance arm is still unclear.

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