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CGU and Societe Generale in joint bancassurance talks

CGU and Societe Generale have resumed talks about setting up a bancassurance joint venture.


Three months ago CGU helped SocGen fight off a takeover bid by its rival Banque Nationale de Paris.


CGU&#39s controversial investment in SocGen attracted criticism from the French stock market. However CGU group finance director Peter Foster says the company made £85m profit from its investment in SocGen.


CGU announced a nine months&#39 profit fall on Wednesday compared to the same period the previous year. Although Peps, Isas and life business is up, operating profits dropped to £603m from £618m.

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