Who pushed NatWest?
Dine or be dinner
Since NatWest put itself in play by bidding for Legal & General, the concept of bancassurance has come under attack. Critics have argued that cross-selling has yet to work in the UK; that customers consciously avoid one-stop banking; that new entrants competing on price will loosen relationship banking further; and that traditional bank branches are not geared up to the complexity of selling long-term investments under the UK's tough regulations.
What the market thinks about the merits of bancassurance will determine whether UK banks can get away with acquiring insurers in future, or whether consolidation moves will be confined within each sector.
Lloyds...
