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Portman urges members to approve Nationwide takeover

Portman Building Society has once again urged members to ratify its takeover by Nationwide as it distributes 1.2 million merger booklet packs before its April AGM.

The Portman merger booklet pack will cover AGM resolutions and voting, the merger process, bonus details for Portman members, director changes, impact on Portman staff and financial information on both societies.

Portman chief executive Robert Sharpe says: “Merging two of the largest and most successful building societies will create a mutual of impressive strength and size in the UK retail mortgage and savings market. I believe this is a great deal for Portman members.

“They will enjoy an ongoing interest in the enlarged society and will benefit from a greatly increased branch network spanning the country. They will also have access to a wider range of attractively priced products, together with more comprehensive telephone and internet banking services. Qualifying members will receive a pre-tax merger bonus of between £200 and £1,000, if they are a saver, and £200 if they are a borrower.”


Australian example

We first came across wraps in the mid-1990s in the US. We admired the way that they worked in America but we had some reservations about the UK market, some of which have not really gone away.The multiplicity of tax and product wrappers in the UK seemed to be a barrier to loading all of […]

Prestbury sees first profit as it eyes more acquisitions

Prestbury has reported its first operating profit and says it is on the lookout for further acquisitions.The firm made a profit of £441,000 in the 12 months to October 31, 2006 compared with a £505,328 loss in 2005. Turnover increased by 24 per cent from £8.2m to £10.2m.Chief executive Lee Birkett puts the results down […]

Importance of being earnest on loan criteria

I trust that your mortgage broking readers were not unduly flattered by the comments of Accord Mortgages managing director Linda Will that brokers are better suited to helping their clients than lenders when they are faced with repossession (Money Marketing, February 22). One can well understand why lenders are keen to put the broker back […]

Park Row in equity-release lead deal

In Retirement Services has signed an agreement with adviser firm Park Row for its brokers to pass on equity-release leads to the specialist provider.


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