Legal & General offloads Suffolk Life
UK financial group Legal & General has announced the sale of its Suffolk Life business, which provides self invested personal pensions (Sipp), to Curtis Banks Group plc for £45m (€59m).
L&G said the deal was driven by its desire to sell non core business. In 2015 it sold Legal & General France, Legal & General Ireland and Legal & General Egypt.
Chris Banks, executive chairman of Curtis Banks Group, said the deal would facilitate its growth target of becoming the key provider in the UK Sipp market. Suffolk Life was established in 1971, and counted assets under administration of £8.7bn (€11.4bn) as of the end of November across the 26,500 plans it administers.
Regulatory approval for the deal is expected in the first half of 2016. Curtis Banks will finance the deal through an underwritten placing.