Standard Life Aberdeen (SLA) is proposing "a substantial return of capital to shareholders" following the completion of the sale its UK and European insurance business to Phoenix Group.
The group is proposing up to £1.75bn will be returned to shareholders by 25 June, subject to approvals, representing 15% of the group's market cap. The group, which is led by co-CEOs Martin Gilbert (pictured) and Keith Skeoch, announced on 23 February it had sold its insurance business Phoenix Group for £3.2bn, while it will also "significantly enhance and expand the existing long-term strategic partnership" meaning Standard Life Aberdeen would continue as Phoenix Group's long-term asset management partner for the acquired business. It manages £48bn in assets for Phoenix Group. In an ...
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