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Britannia buys majority stake in First Active

Life office Britannia is buying a majority stake in the UK mortgage business of First Active, the Irish bank.

The deal, worth £57.2m, will give Britannia a 60 per cent stake in the venture.

Britannia reported an interim pre-tax loss of £20.4m in the six months ending June 30, following a profit of £132.6m for the six months previous to that.

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