Royal London wins backing for Co-op buy

Royal London’s £2.19m purchase of the Co-operative’s life insurance and asset management business has won overwhelming support from its members.

Britain’s largest life and pensions mutual society needed a simple majority in favour for the proposals to be passed, but gained 95% support.

The Co-op sold the business in March to help strengthen its finances.

The Co-operative Group has announced two new additions to its top team. Richard Pennycook, formerly group finance director for the Morrisons supermarket chain, is to become group finance director; and Richard Pym, who is chairman of UK Asset Resolution, will become an independent non-executive chair of The Co-operative Bank .