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C&G quits equity talks with Brain

Cheltenham & Gloucester has unexpectedly broken off equity-stake negotiations with Mortgage Brain&#39s owner lenders after completing due diligence with the trading platform.

C&G says it will not be pursuing a place on Mortgage Brain&#39s board – which includes lenders Nationwide, Halifax and Alliance & Leicester – and will concentrate its resources on developing its in-house systems.

Mortgage Brain director Mike Green says C&G decided to ditch its plans after realising it could access most of the technology it requires without having to acquire an equity stake.

Mortgage Brain&#39s non-equity deal provides lenders with all the platform&#39s IT developments and can generate preillustration documentation to comply with forthcoming FSA regulations.

Green says this package and the fact C&G is still committed to the platform – it says it is pursuing becoming a non-equity member – has convinced him it simply decided there was no need to secure a share in the company. He says: “Mortgage Brain&#39s non-equity contract is very generous and I think C&G probably realised they could get most of what they want without the expense of taking an equity stake.”

C&G spokeswoman Esther O&#39Reilly-Kane says: “We were already planning a substantial amount of re-engineering internally and we want to concentrate our resources on achieving that before making this type of decision. This bears no reflection on Mortgage Brain.”


Virgin launches into credit card market

Virgin Money has announced it is breaking into the £84bn credit card market with the launch of Virgin Card in early 2002.The card will be launched in partnership with MBNA Europe Bank, and will introduce a rewards scheme bringing the main elements of the Virgin Group under one roof.Virgin chairman Richard Branson says: “The UK […]

Merrill Lynch HSBC – Self-Select Maxi Stocks and Shares Isa

Friday, December 7, 2001.Type: Maxi stocks and shares Isa.Aim: Growth by investing in stocks and shares.Minimum investment: £500.Maximum investment: £7,000.Catmarked: No.Charges: None.Commission: None.Tel: 08456 080805.

Millfield posts £2.2m loss

National IFA Millfield made a loss of £2.2 million between March and September because of a 217 per cent increase in administration expenses from the same period in 2000.In its interim results for the six months ended September 30 Millfield&#39s administration expenses to improve its infrastructure came to £4.5 million compared to £1.4 million in […]

Whitechurch bids to aid IFAs switching networks

Whitechurch Network is calling on the industry to set up a clearing house to handle commission payments owed to IFAs when they move networks.The network is calling on rivals and providers to collaborate in a thinktank to tackle delays faced by IFAs in getting commission paid through their old network when they move.Whitechurch points to […]


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