Genesis Home Loans has stated that the transfer of ownership of parent Mortgages plc Group to a leading financial institution will enhance its network proposition.
Mortgages plc is currently owned by Nikko Principal Investments Ltd, which has entered into a period of exclusivity prior to the completion of the sale.
Mortgages plc acquired Genesis earlier this year and will also be included in the sale when a transaction is finalised. Both groups state the sale negotiations will not have an impact of Genesis or its network proposition.
Genesis managing director Barry Robson says that brokers recognise that successful networks need strong financial backing. Genesis already has the support of the Mortgages plc Group and Nikko Principal Investments but a sale to a global financial institution will underline and enforce the strength of the backing.
He says that Genesis has always been aware of the nature of Nikko's involvement and anticipated that the ownership structure of the group would change at some stage. Since its acquisition, Genesis has remained an independent business and, as far as he is concerned, will continue to do so.
Robson says: “We remain firmly focussed on building a comprehensive network of appointed representatives in the build up to Mortgage Day. The Genesis proposition remains one of the most competitive in the marketplace and this announcement simply highlights the significant interest in mortgage distribution in 2004.”