View the article online at http://citywire.co.uk/money/article/a486131
Royal Liver agrees to Royal London takeover
Troubled mutual insurer Royal Liver has signed a transfer agreement which will pave the way for its takeover by Royal London.
Troubled mutual insurer Royal Liver has signed a transfer agreement which will pave the way for its takeover by larger mutual Royal London.
Royal London said the transfer of Royal Liver’s assets and liabilities was subject to approval from the Financial Services Authority and the elected representatives of the Liverpool-based mutual’s members.
Royal Liver delegates will vote on the deal at the annual general meeting which will be held in early May 2011. Royal London and Royal Liver signed a deal, which allows further due diligence, in June 2010 as part of long-running .
Royal London made a bid for Royal Liver, which has £3.1 billion of assets (December 2009), in 2007, but talks collapsed. If the merger goes ahead the enlarged group will have assets of more than £33 billion and almost six million customers.
Royal Liver has faced a number of problems in recent years. Chief executive Steve Burnett left in September 2009, while finance director was dismissed over £3 million of unauthorised payments. Its IFA business closed following an order from the FSA to pay £7.8 million in redress to clients.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.
by David Kempton on May 24, 2016 at 17:15