05 Feb, 2008
Nicola York - 05-Feb-2008
Nationwide Building Society will sell Legal
& General protection, investment and pension products to its
members starting today.
The strategic distribution agreement was made last year and
Nationwide will sell L&G products via its 3,300 team of
As part of the strategic agreement, L&G has completed the
acquisition of Nationwide Life and Nationwide Unit Trust Managers
The acquisitions are financed out of the proceeds of L&G's
£600m innovative Tier One capital issued in May last year.
L&G group chief executive Tim Breedon says: "The
strategic distribution agreement with Nationwide has the potential
to become one of our largest. I look forward to working with
Nationwide for the benefit of their members, and for the
significant opportunities this brings to Legal & General.
"This strategic alliance enhances our position as the partner of
choice for Britain's banks and building societies. Legal &
General 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."
Nationwide chief executive Graham Beale says: "Our strategic
agreement with Legal & General enables Nationwide to focus on
what it does best - distributing financial services products which
are simple, accessible and straightforward for our 13 million
"In line with our policy of offering the best products from the
leading providers in the market, the Society is now able to offer
members a broader range of products to meet their protection and
investment needs. For the first time an Ethical Trust will be
available - an exciting new addition to a range of investment
trusts, as well as innovative new policies like the Family Life
Insurance Plan to protect families."