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Britannic takes major share of First Active arm

Britannic has become the major shareholder in First Active Financial, the UK specialist mortgage arm of Irish bank First Active.

Britannic, the Birmingham-based financial services group, will take a 60 per cent share in First Active Financial, the remaining 40 per cent staying with First Active.

Britannic&#39s stake totals £57.2m. It will pay an initial payment on completion of the deal of £29.5m and a further £27.7m over the next four years. The future payments are partly linked to the future profits of the existing First Active Financial mortgage portfolio.

First Active Financial says it will use the investment to develop its UK business. It says the additional financial backing will allow it to offer better services to IFAs and it can capitalise on its established stake in the UK mortgage market. First Active will retain its rights to the profits of The Mortgage Corporation, which it acquired in 1996.

Britannic chief executive Brian Shaw says: “This is an important step in Britannic&#39s development as a modern financial services group. I expect there to be significant opportunities for distribution both of First Active Financial products through other Britannic sales channels and of Britannic products through First Active Financial.”

First Active Financial chief executive Tony Ward says: “With the additional support and investment from Britannic, we are looking forward to capitalising on our position as the UK market leader in flexible current account mortgages. This will allow us to develop and grow the business significantly.”

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