Scotland business

Scottish Friendly in 'landmark' Canada Life deal

Scottish Friendly chief executive Jim Galbraith Image copyright Scottish Friendly
Image caption Scottish Friendly chief executive Jim Galbraith called the deal "a landmark acquisition"

Scottish Friendly, the financial services company, is taking over a large block of the UK pensions and life assurance policies of Canada Life.

The deal will see the Glasgow-based mutual nearly double its assets under management, to £5bn.

Scottish Friendly membership will also rise by nearly 130,000 to about 700,000.

The mutual's chief executive, Jim Galbraith, described the deal as "a landmark acquisition".

He added: "It forms part of our three-pronged strategy of organic growth, business process outsourcing for partners and mergers and consolidation, delivering the strongest possible growth and customer care for our members."

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