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Scottish Friendly in 'landmark' Canada Life deal

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image copyrightScottish Friendly
image captionScottish 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."

Related Topics

  • Glasgow
  • Pensions
  • Financial services

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