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Regulators give green light to Aviva/Friends deal

The FCA and the Prudential Regulation Authority have approved the takeover of Friends Life by Aviva.

In a market announcement last night, the two insurance giants said all required regulatory approvals have been received for the deal to go ahead.

Aviva and Friends finalised the terms of a £5.6bn merger in December. The combined business would create the largest insurance and savings business in the UK.

It is expected to create annual cost savings of £225m in 2017, with 1,500 job losses.

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