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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.”

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