The UK’s second-largest banking
group, Barclays, has agreed a long-term life insurance joint
venture in Spain, Portugal and Italy with France-headquartered CNP
Assurance.
The deal follows the bank’s sale of a 50
percent stake in its Vida y Pensiones Compañía de Seguros insurance
unit to CNP.
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Frits Seegers, chief executive of Barclays
global retail and commercial banking unit, said: “Combining the
strength of Barclays’ brand and its distribution networks in Spain,
Portugal and Italy with CNP’s expertise in insurance product design
and manufacture will be a winning combination for our
organisations, our shareholders and, most importantly, our
customers.”
In the past two years, Barclays’ Western
European retail branch network has expanded by more than 50
percent, from 798 sales outlets in 2007 to more than 1,200 with
Spain (595 sales points), Italy (224), and Portugal (206), its
three largest markets.
On 29 September, Barclays announced it had
acquired Citigroup’s Portugal-based credit card portfolio as Citi
accelerates its European-based retail banking retreat.
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