A distribution agreement that will see Nationwide Building Society sell Legal & General (L&G) protection, investment and pension products came into force today.
In return, L&G has bought Nationwide Life and Nationwide Unit Trust Managers for a total of £293m, a deal financed out of the £600m L&G raised through its Tier One capital issued in May last year. Tim Breedon, group chief executive at L&G, says: “The strategic distribution agreement has the potential to become one of our largest. “[We] will continue to develop and expand distribution in 2008, through banks and building societies, IFAs, platforms and direct to market. “Each channel is strategically important to us and we see opportunities in each to grow market share.” Graham Beale, Nat...
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