Manulife Financial Corporation today announced that The Manufacturers Life Insurance Company has successfully completed its previously-announced acquisition of the Canadian-based operations of Standard Life.

Manulife has completed its acquisition of Standard Life's Canadian-based operations, allowing the firm to expand its presence in Quebec and scale up in a number of business lines such as asset and wealth management.

The deal is worth a cash value of some C$4 billion ($3.67 billion).

“Standard Life, in combination with the recently announced acquisition of New York Life's Retirement Plan Services business in the US, grows our global retirement plan business by about $80 billion,” said Donald Guloien, president and chief executive of Manulife.

Charles Guay has been named as executive vice president for Manulife's institutional markets and will lead the Canadian division's group benefits, group savings and affinity markets business nationally. Guay has also become president and CEO of Manulife Quebec and a member of Manulife's global management committee.

Meanwhile, as reported by Family Wealth Report last week, Roger Renaud has been appointed as president of Manulife Asset Management in Canada.

Manulife said in a September statement that there will be “no significant immediate job losses” during the integration period, which will be transitioned within the two years. The majority of Standard Life staff in Quebec will be kept, however Manulife said it will “choose the most capable people from each company.”

See more on the initial deal announcement here.