Standard Life and Aberdeen Asset Management said the UK’s Financial Conduct Authority and Prudential Regulation Authority “have confirmed their approval to enable the merger between the two groups to proceed.”

Edinburgh-based Standard Life agreed in March to buy Aberdeen Asset Management for roughly £3.8 billion in an all-share transaction that will create a global fund management player overseeing roughly £660 billion of assets.

“The transaction remains subject to certain regulatory approvals in other jurisdictions and to final approval at a Court hearing scheduled for 11 August 2017,” said the companies.

” The merger is currently expected to complete on 14 August 2017.”