Phoenix Group completes acquisition of Abbey Life business from Deutsche Bank
Phoenix Group bought Abbey Life Assurance Company, Abbey Life Trustee Services and Abbey Life Trust Securities from Deutsche Holdings Number Four, a subsidiary of Deutsche Bank.
On December 13 the company announced it gained regulatory approval from the Prudential Regulation Authority for the acquisition of Abbey Life Assurance Company.
The sale is thought to be a boost to Deutsche Bank's capital position as in September the U.S. Department of Justice fined the German lender $14bn over alleged mis-selling of mortgage backed securities. ■