Staffordshire Building Soc-iety's acquisition by Portman Building Society could become the blueprint for future purchases as Portman seeks continued growth.
Portman snapped up Staffordshire at the end of June. The deal is due to go before Staffordshire's members at a special general meeting on September 22. Portman bought specialist lender Sun Bank from Sun Life of Canada in September 2001 for £95m and it is widely reckoned that it is only a matter of time before Portman chief executive Robert Sharpe strikes another deal.
However, Sharpe is seeking to play down his growing reputation for takeovers and is keen to stress that although he will talk to anyone interested in merging, he is not planning any aggressive moves. He says: “While I would talk to people if they came to see me, I am not out there looking and I am certainly not pounding the pavements.”
Staffordshire chief executive Bill Snaith says: “Robert has said that he sees this as a blueprint for the future. If building societies want to talk, he is happy to listen but he is not out for aggressive acquisitions. I would not be surprised, however, if we saw further acquisitions from the Portman.”