December 13, 2016 / 3:59 PM / 9 months ago

UK's Phoenix gets approval to buy Deutsche Bank's Abbey Life

(Reuters) - Britain’s Phoenix Group Holdings (PHNX.L) said a banking supervisory body had cleared its deal to buy Deutsche Bank AG’s (DBKGn.DE) British insurance business, Abbey Life Assurance.

Phoenix said Prudential Regulation Authority, the Bank of England’s arm that supervises lenders, had approved the deal and that it expected the transaction to close on Dec. 30.

The company, UK’s largest owner of life assurance funds closed to new customers, said in September that it would buy Abbey Life for $1.22 billion in cash.

Reporting by Rahul B in Bengaluru; Editing by Anil D'Silva

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