Norwich Union expands in Spain

MADRID - Norwich Union plans to develop a bancassurance alliance in Spain with the savings bank Caixa Catalu�a. In Spain, Norwich Union already owns Plus Ultra but was known to be looking for expansion. The agreement will see Norwich Union take an undisclosed share in two Caixa Catalu�a subsidiaries: Multinacional Aseguradora (MNA) and Ascat Vida. At the same time the saving bank will market insurance products through its network. Caixa Catalu�a, Spain's third saving largest bank and eighth largest insurance group, with Pta116.07 (US$770m) premium income and 3.19% total market share in 1998, was looking for an experienced partner to help improve its insurance business management and results. Negotiations are expected to finish by the end of the year.