Royal Bank, CGNU Insurance Agree On Joint Venture

July 17, 2000

Royal Bank of Scotland said on Monday it would form a joint venture with British insurer CGNU Plc involving the insurance businesses of Royal Bank and its recent acquisition, NatWest.

Royal Bank said CGNU would pay $900 million for 50 percent of both Royal Scottish Assurance and National Westminster Life Assurance, which together would have a total embedded value estimated at 630 million pounds.

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