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CGU buys stake in Spanish life office

CGU announced on the weekend a £200m bancassurance deal with Bancaja, the Spanish savings bank.


The acquisition will give CGU a 50 per cent stake in the Spanish bank&#39s life insurance subsidiary Aseval, including management control.


The move further increase CGU&#39s presence on the continent. The life office is involved in a merger with Norwich Union, pending Government approval.


Aseval is Spain&#39 13th largest player in the life assurance market and the ninth in the pension&#39s market. Combined with the existing CGU and Norwich Union businesses, the group will rank ninth in the Spanish life market.


CGU chief executive Bob Scott says: “This is a further important step in our strategy of increasing our distribution power and growing life business in attractive markets.”


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