Banking giant in major UK GI acquisition
Legal & General has sold its 90% stake in its general insurance subsidiary Gresham Insurance to Barclays Bank, which already owns the remaining 10% stake, for a consideration of £85m.
Legal & General said it expects to book an after-tax profit of £26m, which will be reported in its 2005 results. It added the capital released from the sale of Gresham will be available forOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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