"An agreement to this effect has been reached between Standard Life subsidiary Standard Life Oversea Holdings and The Manufacturers Life Insurance Company.

The proposed takeover will expand Manulife’s operations in such as group benefits, group retirement, several areas of asset management and investment risk oversight, as well as liability-driven investing segments, globally.

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Commenting on the deal, Manulife president and CEO Donald Guloien said that Standard Life has decided to explore the sale of its Canadian operations through a competitive process, several months ago.

""Excluding transition and integration costs, after the first year we expect the transaction to be accretive by approximately 3¢ to EPS per year over each of the next three years,"" Guloien added.

With a workforce of 2000 people, Standard Life serves around 1.4 million customers and offers long-term savings, investment and insurance solutions to the Canadian market, with around $52bn of assets under management.

Following completion of the transaction, the acquired entity will be integrated with Manulife, which is likely to take between 18 and 24 months.

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Standard Life chief executive David Nish said: ""The sale of our Canadian operations to Manulife, and the formalising of a collaboration agreement in principle to distribute Standard Life Investments’ products via Manulife’s network in Canada, the US and Asia , is a significant moment for both organizations.""

Expected to be concluded during the first quarter of 2015, the transaction is subject to regulatory approvals and the approval of Standard Life’s shareholders."