Scottish Friendly is in the final stages of securing the takeover of Marine & General Mutual, with the transaction to complete in the second quarter of this year.
It will be the largest takeover by Scottish Friendly to date, doubling its assets to around £2bn. The deal between Scotland’s largest financial mutual and the oldest active registered company in the UK is still subject to approval from members, regulators and the High Court.
Fiona McBain, chief executive at the Scottish Friendly, said that the overall efficiency of the business has resulted in an ability to competitively tender to take over existing financial services companies and run them more effectively and more efficiently.
“The takeover of M&GM will give us additional economies of scale that can drive further efficiencies and increased value to all of our policyholders, including those transferring from M&GM.”
David Gulland, chief executive at M&GM said securing the long-term future of our customers through a transfer to another organisation was explained to policyholders and members in the 2013 strategic report.
“This involved a thorough process considering a number of potential operations and we were delighted to select Scottish Friendly.”