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Friends is picked for NAB multi-tie

Friends Provident has been picked by National Australian Bank group for its multi-tie agreement, selling its products through subsidiaries Clydesdale Bank Insurance Brokers and Yorkshire Bank Financial Services.

Under the distribution agreement, Friends will be one of a panel of four companies offering individual protection products and one of a panel of two firms providing group protection products.

NAB is still finalising contracts with other providers for its panel. The NAB group has a network of clearing banks through its subsidiaries Clydesdale Bank and Yorkshire Bank. It will utilise the distribution network of 460 bank branches throughout the UK. NAB is the second bank distribution partner for Friends after it signed has signed a multi-tie agreement with Barclays two weeks ago.

Friends Provident director of UK distribution Simon Clamp says: “This partnership stems from the existing relationship we have with National Australia Bank group. NAB is a big bank and we have great expectations for our business.”

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