Co-op Insurance's MD insists sale is "in line" with group strategy

He told sister title Post the move fits with the group's aim to build a "compelling competitor in high street banking that customers will trust". 

Mr Summerfield insisted that his predecessor David Neave's December 2012 move to step down as managing director "pre-dates" the group's decision to sell its GI arm, which employs some 1,300 people.

He explained that an MBO is yet to be contemplated, and that the sale would have to be right for both customers and employees.

Last night Sky News reported

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