In an unusual move, Norwest Corp. has put its chief insurance executive in charge of a new unit that will handle both insurance and investment product sales.

Officials at the $77.8 billion-asset bank confirmed it has named Timothy J. King, president of Norwest Insurance Inc. for the last three years, to head the new operation. Mr. King, who has yet to receive a new title, will continue to report to Daniel Saklad, executive vice president of North Central Community Banking.

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