Mutuals Engage Mutual and Family Investments have merged, creating a group with a two million strong customer base.
The deal is expected to conclude in the first half of 2015 and will create an organisation focused on family savings, investments and protection.
Engage Mutual chairman Christina McComb said the deal was in the members’ best interest “in the long-term” and will accelerate Engage’s strategy for value creation.
Chief executive Peter Burrows added the new entity committed to providing £5m of funding to the Engage Foundation over the next five years, which issues personal grants and community awards to clients.
He joined the company as finance director in 2010.
