Bradford & Bingley and Legal & General have announced today that they are entering into a new business partnership subject to final agreement.
Under the arrangement, Bradford & Bingley will offer a range of Legal & General investment and protection products to its customers.
It is anticipated that around 200 of Bradford & Bingley's wealth advisers and other staff will transfer to Legal & General from 3rd December 2004. The advisers, who will continue to be based in Bradford & Bingley's branches, will offer advice to customers on investment, pension and protection products as Legal & General advisers from 17th January 2005.
B&B says the new arrangement will enable it to reduce direct and support costs in its retail business by about £10m per year.