CGNU turned to Deutsche Bank for advice on a £92m (€157m) stake in Spain's eighth largest savings bank, and the German bank is set to benefit as the UK's largest insurer steps up its campaign to become one of Europe's largest bancassurers.

Goldman Sachs and Morgan Stanley are CGNU's usual financial advisers. However, a source at CGNU said the company is open to proposals from other banks for transactions with continental European insurers and banks, as the UK insurer aims to increase its distribution network for its life insurance and pensions products.