National Australia Bank Group has announced the formation of a new strategic alliance by the Group’s UK wealth management division. Under the agreement, Legal & General life insurance products will be offered to the three million customers of the NAB Group’s three UK banks – Clydesdale, Yorkshire and Northern Banks.
Commenting on the deal, CMS Cameron McKenna partner Paul Edmondson said, “This deal reflects wider trends within the current UK insurance industry, which is one of the most competitive in the world. Participants are tending to play to their strengths, which in National Australia Bank’s case means a focus on distribution and customer relationship management where it has enormous capabilities.”
