Things have become official between Phoenix Group Holdings and Standard Life Aberdeen Plc (SLA), with the UK-headquartered firms announcing the completion of the mega insurance deal involving the latter’s Standard Life Assurance.
Described by Phoenix chief executive Clive Bannister as “strategically and financially compelling,” the transaction supports the company’s vision to be the leading life consolidator in Europe. SLA chair Sir Gerry Grimstone, meanwhile, called it “momentous” while sending his “very best wishes for the future” to both employees and customers who will be moving to the new owner.
“I am delighted that we have completed the acquisition of Standard Life Assurance, and I would like to extend a warm welcome to our new colleagues joining Phoenix,” commented Bannister. “This deal will result in Phoenix becoming Europe’s largest consolidator of heritage life funds, and the ongoing strategic partnership with Standard Life Aberdeen Plc will provide additional growth opportunities.”
As previously announced, the completion of the swoop for the UK and European insurance business will also see Barry O’Dwyer and Campbell Fleming – both from SLA – serving as non-executive directors at Phoenix.
“Corporate transformations of this scale require clear vision and huge commitment from all those involved,” said Grimstone. “Maintaining continuity of service and enhancing optionality for all our customers and clients has been a key imperative.”
Taking over the reins at Standard Life Assurance is Phoenix stalwart Susan McInnes.
