The B&B insurance business will be folded into Junction, the affinity arm of the BGL Group. The company will be allowed to offer the B&B brand to existing and new customers as part of a 10-year brand licence. B&B first partnered with BGL Group for the provision of insurance services in 2003.
In 2008, the Yorkshire-based bank had to be rescued by the government. The Treasury nationalised its mortgage book, but its savings book and branch network was acquired by Santander-owned Abbey.
All B&B bank branches have now been re-branded by Santander, as part of the Spanish owner's drive to operate under a single brand in the UK. Abbey branches have also switched to Santander, while Alliance & Leicester is set to follow later in the year.
Peter Thompson, managing director at Junction, said: "This acquisition plays to our strengths as an affinity provider. Our focus will be on retaining the brand's existing customers and continuing to attract new ones, through competitive pricing and working closely with our bespoke panel of insurers."
Junction currently provides white-label insurance products for the Post Office, Marks & Spencer Money, HSBC, RAC, Auto Trader, More Th>n and Santander.
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