Nikko Principal Investments, the majority shareholder and management shareholder of Mortgages plc has sold its shareholding to Merrill Lynch.
Mortgages plc, the specialist non-conforming mortgage lender will retain its name and continue to operate as a wholly-owned subsidiary of Merrill Lynch. The terms of the deal were unavailable.
Nikko acquired a majority shareholding in Mortgages plc in December 2001.
Mortgages plc chief executive officer Trevor Pothecary says: “Today's announcement is great news for Mortgages plc and confirms our position as one of te UK's leading non-conforming mortgage lenders. Today's announcement will have a positive impact on the products and services we are currently marketing.”