Phoenix Group completes acquisition of Abbey Life business from Deutsche Bank

Insurance company Phoenix Group has completed the acquisitions of the Abbey life assurance, life and securities businesses from Deutsche Bank.

The FTSE 250 company bought Abbey Life Assurance Company, Abbey Life Trustee Services and Abbey Life Trust Securities from Deutsche Holdings Number Four, a subsidiary of Deutsche Bank.

On 13 December the company announced it gained regulatory approval from the Prudential Regulation Authority for the acquisition of Abbey Life Assurance Company.

The sale is thought to be a boost to Deutsche Bank's capital position as in September the US Department of Justice fined the German lender $14bn over alleged mis-selling of mortgage backed securities.

Shares in Phoenix Group were down 0.25% to 732.14p at 1137 and shares in Deutsche Bank were up 0.73% to 17.95 cents in pre-market trade.