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Friends Provident buys German distribution firm

Resolution Limited has announced that Friends Provident has agreed the purchase of Financial Partners Business, its German distribution partner.

Friends Provident has worked exclusively with FPB, which has gross assets of £8.6m, since 2007 to distribute its products to brokers and financial advisers in Germany.

Friends Provident has been negotiating the acquisition of FPB during the course of 2009 and the Friends Provident Group board approved the terms of the transaction prior to completion of the acquisition of Friends Provident by Resolution Limited.

Resolution says the purchase of FPB will secure Friends Provident’s distribution arrangements in the German market.

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