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Abbey buys 5% stake in US firm E-loan

Abbey National is entering a strategic alliance with US on-line mortgage

giant E-loan after buying 5 per cent stake in the company for 6.5m.

The bank says its purchase of the equity stakes was a good investment

after Charles Schwab also took a 5 per cent stake.

Abbey says the new alliance could take many forms, including its proposed

online banking operation Cahoot selling E-loan-branded products.

Abbey could also decide to join E-loan&#39s UK lending panel or outsource any

mortgage processing to E-loan.

E-loan has online mortgage operations in the US, UK, Japan and Australia

and the partnership could open the door to cross-border selling by Abbey.

Group IT director Mac Millington says: “Its going to be a learning

exercise as well as a partnership.”


Mystery as Mitchell quits for AssureSoft

Mystery surrounds the defection of communications head Nicola Mitchellfrom The Exchange to become sales and marketing director of DBS softwarearm AssureSoft.Legal teams for both firms are believed to be examining the circumstancessurrounding the move. Both parties refuse to comment.Mitchell will be responsible for corporate sales, marketing and PR atAssureSoft which provides an internet portal for […]

A plan for all reasons

Despite the challenges that have been posed over the years, IFAs havesurvived in the main. That said, past performance is no guide to the futureand, while I expect IFAs to prosper post-stakeholder, many will need toreconsider their business strategies. Planning for the future may have tobe more thorough than may have been the case in […]

&#39Bill poses no threat to professional IFAs&#39

Andrew Tyrie and Howard Flight&#39s scaremongering over the FinancialServices and Markets Bill, which their party has supported in principle,does them no credit and the industry no service.IFAs are only too aware of the importance of public confidence in them,their industry and the services it provides. That confidence has come undergreat pressure in recent years through […]

Critical market for IFAs

IFA sales of critical-illness cover rose by 22.5 per cent last year,according to Swiss Re Life & Health&#39s Health Watch featured exclusively inthe Money Marketing Focus Healthcare survey published this week.Overall critical-illness insurance sales rose to 90,584 from 88,171 in 1998.The survey also deals with uncertainty in the long-term care market andthe potential of healthcare […]


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