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The rescued banks may continue to sell insurance?

The demands imposed Brussels to Spanish banking invoking the bailout supposed to be devoted to retail banking, but do not imply that the ban can continue selling insurance and pension plans, as reported yesterday Confidential saying that nationalized entities that receive European money for its restructuring plans could only engage in retail banking core business and therefore would suffer its insurance, pension plans, private banking, wholesale banking, fund management, capital markets, payment methods, etc.., plus detached industrial holdings.

According to sources in Bankia, devoted not only to retail banking involves not sell insurance, pension funds, etc.., And indeed «no doubt that it will continue to sell these products.» Another issue is the non-core businesses, such as certain units or international business or industrial interests but in any case, «there is nothing totally enclosed or defined.»

Recently introduced called Liikanen report prepared by an expert group set up by the European Commission which recommended the convenience of separating retail banking from investment activities with higher risk. But these recommendations, not binding, which in any case is not considered that some of them taken in the short term

Where there’s smoke there’s fire!
Tip: Make or transferred your pension plan with your usual mediator through a co. insurance is much more stable.

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