The Brighton, England-based Family Investments said the combined business is expected to have about 2 million customers and would oversee about 6 billion pounds of family assets.

Simon Markey, chief executive of Family Investments will lead the joint venture and Christina McComb from Engage Mutual will be the chair.

Engage said that its unique 1 million stg customer benefit would continue even after the merger.

Both companies have yet to seek approval on the merger from its members.

(Reporting By Rishika Sadam in Bangalore)