ROYAL BANK TO BUY LONDON LIFE
By Adnews Staff
Toronto-based Royal Bank of Canada has made a bid to buy London Insurance Group for $2.4 billion. The deal is expected to close in October. It is subject to regulatory approvals and conditional upon 90% of London Insurance Group's common shares being tendered. For London Life, the agreement adds financial strength to the company. It also brings a large sales force and more than three million customers to Royal Bank. Advertising for London Life is done by Goodgoll Curtis of Toronto. The Royal Bank has a roster of agencies including MacLaren McCann, Wunderman, Cato, Johnson and The Gingko Group, all of Toronto, as well as Parallel Strategies of Calgary.
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