On March 19, 2013, Royal London Group announced that it had signed a binding agreement to acquire The Co-operative Banking Group’s asset management business, The Co-operative Asset Management.
On March 19, 2013, Royal London Group announced that it had signed a binding agreement to acquire The Co-operative Banking Group’s life insurance and asset management businesses, Co-operative Insurance Society and The Co-operative Asset Management, respectively. The total purchase price is £219 million, £180 million of which is deferred and payable upon meeting certain conditions. The transaction is subject to customary conditions, including approval by Royal London members and the UK Financial Services Authority.
Royal London is the largest mutual life and pensions company in the United Kingdom, with approximately £50 billion in assets under management. The Co-operative Banking Group is the banking and insurance business of The Co-operative Group, a consumer co-operative with approximately seven million members, and has approximately £48 billion in assets under management.
To read the press release, please click here.