Co-op’s asset sale approved

City A.M. Reporter
ROYAL London’s members yesterday approved its planned £200m purchase of the Co-operative Bank’s life insurance and asset management arms.

At a meeting in London, 95 per cent of Royal London’s members voted in favour of the transaction. Royal London expects the deal to be completed in late summer 2013, subject to regulatory approval.

The Co-op is also selling its general insurance business as part of measures to bolster its capital position and is in talks to plug a shortfall that analyst say could be up to £1.8bn.