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Skipton picks up CGU mortgages

Skipton Building Society is acquiring the mortgage portfolio of insurer CGU.

The deal will bring £150m assets under the remit of its wholly-owned subsidiary Skipton Mortgages which specialises in buying mortgage files from other lenders.

The acquisition prompted Skipton to reassure thousands of worried borrowers the terms of their mortgage deals will be honoured.

Skipton spokesperson Mark Smitheringale says: “We are trying to grow our mortgage business and block-buying assets onto the mortgage sheet is one way of doing that. All the existing deals these borrowers have will be honoured.”


Carpetbagger beater

Norwich & Peterborough Building Society is joining fellow carpetbagging targets by asking new members to hand over any windfall payments to charity.The move follows that of other building societies in recent weeks, including Nationwide.Experts predict Skipton Building Society is to enforce the pro-conversion deterrent in the next few weeks.N&P chief executive Matthew Bullock says the […]

World Bank bond unveiled

The World Bank is unveiling the first international bond to be marketed, sold and traded via the internet.The bond is targeting both retail and institutional investors and is principally underwritten by Goldman Sachs and Lehman Brothers with internet brokerages Charles Schwab and Fidelity Brokerage Service.The partnerships will give the bond access to 8m retail accounts […]

Bond boom prediction

Customers afraid of risk are driving a boom in demand for bonds, according to Alliance & Leicester.It is launching a five year bond linked to FTSE 100 where initial investments will be returned after five years regardless of stockmarket fluctuations. The maximum value on maturity will be 140 per cent of the initial investment.A&L investment […]

Industry e-scare

Fear is the main force driving financial services industry e-business investment, according to the Confederation of British Industry.The CBI&#39s latest survey with PricewaterhouseCoopers claims the industry is “grappling with the extent of the challenges presented by e-business and what exactly its response should be.”Of the 179 companies responding December survey 89 per cent had an […]

A tough start for 2017 consensus trades

By Kacper Brzezniak Every year, starting around November, investment banks (and fund managers) begin to drip out their outlooks for currencies, rates, economies, you name it, for the following year. The consensus has been largely wrong for the past four or five years; those multiple rate hikes never came, the bond market is still alive […]


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