Members of the Royal London Group have approved a proposed £219 million deal to purchase the Co-operative Banking Group's fund management and life insurance divisions.
A meeting held by the pension and life provider resulted in 95% of members voting in favour of the planned purchase, which is expected to be completed this summer, subject to approvals by financial regulators.
Royal London anticipates its customer base to increase from around 4 million to 6 million, whilst the volume of policies managed by the provider is set to grow from 6.8 million to 10.3 million.
Tim Melville-Ross, chairman of Royal London, said: "I warmly thank the Royal London members for their support for the Board's proposals to acquire these businesses.
"The acquisition increases our scale, capabilities, profitability and financial strength. The board believes it will support further our mutual dividend policy which has already seen over £325 million allocated to our members' accounts since 2007."
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