Insurance giant Legal & General's umbrella has just opened wider with the announcement that Nationwide Building Society is to sell its products.

As part of the "strategic agreement", L&G has completed the purchase of Nationwide Life Ltd and Nationwide Unit Trust Managers Ltd for £293 million.

The acquisitions were financed out of the proceeds of L&G's £600 million Tier One capital issued in May last year.

All of L&G's products will be available to Nationwide's 3,300 financial consultants.

Tim Breedon, group chief executive at Legal & General, said: "This strategic alliance enhances our position as the partner of choice for Britain’s banks and building societies."

Chief executive of Nationwide, Graham Beale, said it was looking forward to "working closely with Legal & General" to ensure the building society continued to deliver products that met the needs of its customers.

As well as being sold through its team of financial consultants, all the L&G products will be available to Nationwide customers through its branch network, over the phone and the internet.

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