The deal has been signed for an initial 10-year period. The first product will be a new AA credit card, followed by loans, savings, and mortgages.
Kathryn Thomas, managing director of AA Financial Services, said:
“This is an exciting new venture that will help to develop the AA’s vigour as a growing force in UK financial services.
“What’s more, we’ll be adding the AA’s first mortgage next year, which fits well with the AA’s large and growing home services customer businesses.
“The new partnership creates a stable new platform within a diverse and fragmented market place that will allow the AA to compete with a long-term, strategic UK banking proposition.”
