Barclays and CNP in European venture |
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| Economy | |
| Written by Roberta Murray | |
| Friday, 26 June 2009 | |
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Latest news on Barclays: CNP venture and mortgage rate rises.
Barclays (LON:BARC) and CNP Assurances have announced an agreement to establish a long-term life insurance joint venture in Spain, Portugal and Italy. As part of this transaction, Barclays will sell a 50 per cent stake in Barclays Vida y Pensiones Compañía de Seguros (‘BVP’), Barclays Iberian life insurance and pensions subsidiary, to CNP. Barclays will also enter into a 25-year agreement with CNP for the marketing and distribution of life insurance and pension products through Barclays retail network in Spain, Portugal and Italy. The transaction is conditional on, amongst other things, receipt of the necessary regulatory approvals and is expected to be completed this year. Barclays Mortgage rate increaseMeanwhile Barclays is the latest bank to raise the price of their fixed rate mortgages for new customers, the bank which sell their mortgages under the Woolwich brand have raised it rates by as much as 0.7 of a percentage point. Barclays have said they have had to raise rates to stem the flow of new business after a series of increases by other lenders.
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