The Co-operative Banking Group, part of The Co-operative Group, announces agreement of terms with Royal London for the sale of its life insurance and asset management businesses
The Co-operative Banking Group has today announced the signing of a binding agreement with Royal London to sell its life insurance and asset management businesses for a consideration of ��219m, of which £180m is deferred pending a successful Part VII transfer of the CIS fund to that of Royal London following completion of the sale.
The business to be sold includes the £20bn of assets of the CIS Long-Term Business Fund and The Co-operative Asset Management.
The sale is subject to regulatory approval and the consent of Royal London members at an Extraordinary General Meeting.
For further information please contact:
Public Relations Manager
The Co-operative Group
Tel: 0161 903 3835 / 07799 476 977