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Phoenix Group set to bid for Deutsche Bank's Abbey Life - Sky News

Reuters

(Reuters) - Phoenix Group Holdings (PHNX.L), Britain's largest consolidator of closed life funds, is preparing to bid for Deutsche Bank AG's (DBKGn.DE) British insurance unit, Sky News reported.

Deutsche Bank has been considering options for Abbey Life, a person familiar with the matter told Reuters, adding that new regulation was making the business unattractive.

The German bank has contacted buyers in the last two months, but was not working with any external banks, the person said.

Deutsche Bank and Phoenix Group declined to comment. (http://bit.ly/22nMgBR)

(Reporting By Mamidipudi Soumithri in Bengaluru and Arno Schuetze in Frankfurt; Editing by Anil D'Silva)