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. Last Updated: 07/27/2016

Scottish Insurance

LONDON -- British insurer CGU PLC will pay pounds 150 million ($240 million) to take a joint stake in Royal Bank of Scotland's life subsidiary, which markets policies to the bank's customers, the Financial Times reported Monday.

CGU will replace Scottish Widows, which is being bought by British bank Lloyd's TSB, as the joint venture partner in Royal Scottish Assurance with a 50 percent stake, the newspaper said.

Scottish Widows, a mutual life and pensions group, owns 30 percent, but is working towards unwinding the holding.