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CGNU consolidates position in Spanish bancassurer market

CGNU is forming a bancassurance partnership with Spain&#39s fifth largest savings bank Caixa Galicia, which will see it take a 50 per cent stake in the Spanish bank&#39s life and pensions subsidiary.

The deal marks CGNU&#39s third bancassurance partnership in Spain, where 80 per cent of long-term savings sales go through the bancassurer channel. CGNU is now fifth largest provider in the Spanish life insurance market where it has 4 per cent market share.

CGNU group executive director, continental European operations Tony Wyand says: “CGNU now has a significant presence in this fast growing and profitable long-term savings market.”


A revolution that&#39s just for the rich

Our industry clearly faces numerous changes. Many changes in legislation may have a far wider impact upon the industry than we have appreciated. Polarisation is in the melting pot. Control of design and marketing of pension business has effectively been hijacked by the Government, assisted by its tools, the FSA, Opra, OFT, etc. The Tory […]

Gartmore launches stable growth fund

Gartmore launches its new Stable Growth fund today, investing in zero dividend preference shares.The fund, managed by Richard Prvulovich, aims to achieve long term capital growth at minimal risk, with an estimated gross redemption yield of 8.4 per cent.The minimum investment is £1,000 or £50 a month. The initial charge is 1.5 per cent, with […]

Sandler commission bombshell

The head of the Treasury&#39s financial services review Ron Sandler has dropped a bombshell on IFAs by questioning their relationship with clients because of commission. The move, which comes as the FSA launches its own probe into commission, fuels speculation that payments may be capped through a new maximum commission agreement or Catmarking of advice. […]

Clerical Medical not taking the multi-tie route

Regarding the article in last week&#39s Money Marketing headlined, Clerical joins the race to buy IFAs, Clerical would like to clear up any misunderstandings that IFAs may have on its stance on polarisation. Clerical Medical is a firm supporter of IFAs and polarisation and believes that multi-ties represent the worst possible scenario as a distribution […]


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