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Portman adds £1bn to loan book with Sun Bank deal

Portman Building Society has completed the £95m acquisition of specialist lender Sun Bank from Sun Bank of Canada in a deal which adds almost £1bn to the society&#39s mortgage book.

Sun Bank, with 75,000 customers and total assets of £1.2bn, will become the intermediary lending arm of Portman over the next few years as the society concentrates on direct business.

The society says Sun Bank will retain its branding and continue to specialise in catering for self-employed borrowers with irregular or unusual income patterns. Portman Group manager (internal and external communications) Mike Dobson says: “This is a clear indication that Portman intends to grow and compete in an increasingly competitive environment.”

Portman this week appointed United Racecourses managing director Sue Ellen to its board as non-executive director. She has previously been on the board of Birmingham Midshires.


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 […]

Bristol & West six-year bond to pay 5% monthly income

Bristol & West is offering a six-year income and growth bond aimed at the IFA market.The bond is comprised of two elements, a guaranteed equity bond aimed at achieving capital growth and fixed-rate deposit account paying a monthly income of 5 per cent gross.The guaranteed equity bond provides a return of up to 80 per […]

Baillie Gifford fixes interest on bond funds

Scottish fund manager Baillie Gifford has added the investment-grade bond fund to its range of corporate bond funds.This Oeic was unveiled alongside the high yield corporate bond fund and brings Baillie Gifford&#39s number of fixed-interest funds to four. It offers an income yield of 5.50 per cent a quarter by investing in a portfolio of […]

Exclusive – Black expected to leave Towry Law

Towry Law chief executive Douglas Black is expected to leave the National IFA soon.The IFA&#39s Australian owner AMP says it cannot comment on market speculation. Black led the negotiations with AMP and the Investors Compensation Scheme leading up to Towry&#39s purchase by AMP in June in a deal worth £75.7m as exclusively predicted in Money […]

Three catalysts for European equities

By Rob Burnett, Manager of the Neptune European Opportunities Fund In recent weeks, the bear case for European equities has become more pronounced on the back of weaker-than-expected GDP data and deflation concerns. This softening in economic momentum has led some investors to question whether the ECB is behind the curve and indeed whether it […]


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