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Resolution Life closes on 3.5bn deal with Abbey

Resolution Life now expects to finalise a £3.5bn deal to buy the life assurance arm of Abbey from its Spanish parent bank Santander "within the next two weeks", according to sources at the company.

The insurer is expected to launch a rights issue to raise up to £1.5bn in order to complete the purchase.

Resolution Life was founded 18 months ago and has since bought up a succession of closed with-profits funds from insurers. Abbey's £29bn of funds under management would almost double the money that Resolution currently looks after.