Axa will provide new protection and investment products to retail customers of the Clydesdale and Yorkshire banks after a strategic deal was finalised.
The insurer says the agreement, initially signed in November 2008, will improve the choices for more than two million customers and strengthen its distribution model.
It will also involve the enlargement of the banks' financial planning sales team and managers, who will have access to Elevate, Axa's wrap platform, to manage clients' investments, increasing the number of individual client accounts on the platform. Axa says Architas, its multi-manager proposition, will also benefit.
"AXA is delighted not only to have won this deal but to have delivered it to plan," says Axa Life director of bancassurance Simon Philp.
"While this alliance increases the size of our business overall, it also shows that the breadth of our Bancassurance offering is ideally positioned in the marketplace."IFAonline
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