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• Scotland’s largest financial mutual on course to take over Marine & General Mutual (M&GM)
Scottish Friendly, Scotland’s largest financial mutual, has today announced that it is in the final stages of securing the takeover of Marine & General Mutual (M&GM) – the oldest active registered company in the UK.
The two mutual organisations expect the transaction to complete in the second quarter of this year, subject to approval from members, regulators and the High Court.
The deal will be the largest takeover by Scottish Friendly to date and will double its assets to around £2 billion.
Fiona McBain, Chief Executive, Scottish Friendly said: “This announcement is a tangible outcome of our strategy to diversify and grow the Scottish Friendly Group. The overall efficiency of Scottish Friendly’s business has resulted in our ability to competitively tender to take over existing financial services companies and run them more effectively and more efficiently.
“We are particularly proud of having secured the opportunity to double in size. 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, M&GM said: “As we explained to our policyholders and members in our Strategic Report for 2013, we have been seeking to secure the long-term future of our customers through a transfer to another organisation. This involved a thorough process considering a number of potential operations and we were delighted to select Scottish Friendly. We were particularly impressed by the Group's efficiency, customer focus and experience in this field. We welcome the fact that all M&GM policyholders will become members of Scottish Friendly as part of this deal.”
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.