THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Co-operative Group to keep general insurance business

The Co-operative Group has decided to retain its general insurance business after previously saying it would be put up for sale.

GENERAL MERCHANDISE

Co-operative Group to keep general insurance business

The Co-operative Group has decided to retain its general insurance business after previously saying it would be put up for sale.

Back in March 2013, the Co-operative Group announced its intention to sell the insurance business and use the proceeds of the sale to help plug a £1.5 billion capital hole within its banking arm.

However, the group has now said that the revised terms of its bank’s recapitalisation plan as set out in November 2013, means that it no longer needs to sell the business.

In a statement the Co-operative Group said: "The group will now meet its additional capital commitment to the Bank Recapitalisation Plan through the previously announced and completed disposal of the life and savings business, as planned, and other measures, most notably the strategic management of a limited number of property assets across the group’s businesses."

Euan Sutherland, group chief executive of The Co-operative Group, added: "Having considered the sale process, and in light of the changed requirements on us under the Bank recapitalisation process, we believe it is in the best interests of our members, customers and colleagues, that we retain this strong business and develop it further. We received a significant amount of interest in the General Insurance business, which reflects its potential."

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process