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Britannia chief takes on new role to push Verso and PHL

Britannia Building Society has created a new role of managing director of non-member business to focus on growing its Verso and Platform Home Loans mortgage subsidiaries and other non-core activities.

Gerald Gregory, 46, is promoted to the post from his current job as sales and marketing director, a position he has held since 1999. He joined Britannia in 1989 as treasurer, became head of lending in 1993 and director of mutuality in 1997.

Gregory says the society&#39s move to put more resources into non-core business does not affect its commitment to mutuality and its members&#39 loyalty bonus scheme which has paid out £250m in the last six years.

He says increasing profits generated by Verso, set up in 1997 for self-certification and buy-to-let mortgages through intermediaries, and impaired credit lender Platform, which it bought last year, will benefit members by allowing more money to be dished out thr-ough the bonus scheme.

Gregory will not say how much will be invested in non-core business or reveal growth targets but says he is confident he can increase its current 35 per share of group profits.

He says: “We have chosen to invest capital in complementary businesses and set up the a new position with responsibility for subsidiaries as part of a strategy to ease pressure on margins elsewhere. We are taking a range of directions and not putting all our eggs in one basket.”

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