Aviva throws hat in the ring for Co-op insurance buy-out deal, reports say

Aviva logo. Norwich Union. Marble Hall. Surrey House, Surrey Street, Norwich.; PHOTO: ANTONY KELLY; COPY:; FOR:EDP BUSINESS;

Aviva logo. Norwich Union. Marble Hall. Surrey House, Surrey Street, Norwich.; PHOTO: ANTONY KELLY; COPY:; FOR:EDP BUSINESS; © ARCHANT NORFOLK 2010 (01603 772434) - Credit: © ARCHANT NORFOLK PHOTOGRAPHI

Norwich-based insurance giant Aviva is eyeing up a £650m swoop for Co-op's insurance arm, according to reports.

Speculation was mounting over the weekend that the financial services firm was one of a clutch of bidders looking to buy the division of the company after it was put up for sale last month.

It comes after Aviva announced plans last week to axe 2,000 jobs from its global workforce.

Aviva said the aim was to cut about 6pc of its 32,200 workforce across the globe as part of an ongoing plan to save £400m.

The firm, which employs 6,000 people in Norwich, could not say how many staff or which roles would be affected - however if applied across the board a 6pc cut would be around 360 posts in the city.


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