PRA approves Royal London's acquisition of the Co-operative Group's life insurance business; FCA approves acquisition of Co-operative's asset management business.
Co-operative Banking Group Limited, part of Co-operative Group, announces that the Prudential Regulation Authority and Financial Conduct Authority have approved the sale of its life insurance and asset management businesses to Royal London.
The completion of the sale is part of Co-operative Group’s comprehensive plan to significantly strengthen the Bank’s capital base.
As part of the completion process of this sale, Co-operative Insurance Society (CIS) will convert from an industrial and provident society to a limited company and change its name to RL (CIS) Limited. Shortly following the transfer of ownership to Royal London, RL (CIS) Limited's name will change to Royal London (CIS) Limited. The conversion to a limited company and changes in name will have no effect on the terms and conditions of policies. Co-operative Banking Group Limited anticipates that completion of the sale to Royal London will occur on 31 July 2013.
Any policyholders wishing to find out more information should contact our Customer Contact Centre on 08457 464646.