Last week the Prudential Regulation Authority (PRA) approved the change in control required for the purchase of Co-operative’s life insurance business Co-operative Insurance Society (CIS) by mutual Royal London.
Royal London has also received the Financial Conduct Authority’s (FCA’s) approval for purchase of the Co-operative’s asset management business – Co-operative Asset Management .
This follows the signing of a sale and purchase agreement earlier this year between both parties. In addition, approval has been obtained from Royal London members, who voted overwhelmingly in favour of the transaction at the extraordinary general meeting in June.
As part of the completion process, CIS must convert from an industrial and provident society to a limited company and change its name to RL (CIS) Limited.
Shortly following the transfer to Royal London, RL (CIS) Limited’s name will change to Royal London (CIS) Limited.
Commenting on today’s completion of the deal, Royal London group chief executive Phil Loney said:”Today marks the end of a lengthy and extremely thorough acquisition process. We now begin the process of welcoming new colleagues from CIS and integrating the acquired businesses into the Royal London group”.
