On July 29, 2013, Royal London Mutual Insurance Society announced receipt of regulatory approval for its acquisition of the Co-operative Banking Group’s asset management business.
On July 29, 2013, Royal London Mutual Insurance Society Limited announced that the Financial Conduct Authority had approved its acquisition of the Co-operative Banking Group’s asset management business, The Co-operative Asset Management Limited. Royal London also announced that the Prudential Regulation Authority had approved its purchase of the Co-operative Banking Group’s life insurance business, Co-operative Insurance Society (“CIS”). The transaction is expected to close on July 31, 2013.
Royal London, the UK’s largest mutual life and pensions company, manages approximately ₤52.2 billion in Group funds. Manchester-based the Co-operative Banking Group has approximately ₤48 billion in assets under management.
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