Joint Trades Union CommunicatioN
Project Jupiter - Life and Savings Transfer to Royal London
The Co-operative Banking group have today announced that approval from the regulators has finally been granted for Royal London to acquire the CBG life insurance and asset management businesses.
Royal London members voted in favour of the deal at an Extraordinary General Meeting (EGM) in June 2013. However, in order for the sale to be completed, CIS must convert from an industrial and provident society to a limited company and change its name to RL (CIS) Limited. Shortly following the transfer, RL (CIS) Limited's name will change to Royal London (CIS) Limited.
Staff have waited a considerable period for this announcement, and some certainty about their future. That certainty has now been given, and the anticipated date of completion is 31st July 2013, with transfer of ownership to Royal London taking place on 1st August 2013.
Obviously the issue of eventual work location of this business is of the utmost importance, and both unions will continue to press for a decision from Royal London. In the meantime, Royal London will operate out of Miller St for the foreseeable future.
Should members have concerns or need advice, they can continue to contact both Unite at the Co-op and NACO. This is a sad day as it marks the formal end of Life and Savings activity within CBG, and we send best wishes for the future to all of our transferring members.