Deutsche Bank nears sale of UK insurance unit to Phoenix Group

September 15, 2016 7:59 PM

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Sept 15 Deutsche Bank AG is nearing a deal to sell its British insurance business Abbey Life Assurance Co to Phoenix Group Holdings, a person close to the matter told Reuters.

Britain's largest consolidator of closed life funds is planning to raise 800 million pounds ($1.1 billion) to fund the purchase, which will be finalised in the next couple of weeks, the person said.

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