Santander Bank has confirmed it will set up two UK insurance businesses, Santander Insurance UK and Santander Insurance Services UK, in the first quarter of next year.
Santander Insurance UK will develop and underwrite new products while Santander Insurance Services UK will be responsible for administration, packaging and distribution of products through Abbey.
Norwich Union currently underwrites the household and creditor policies sold by Abbey.
A spokesman for Santander says: “We have entered into a new three year contact on household and Norwich Union will continue to be involved in underwriting of these policies."
The venture is subject to approval from the FSA.
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