Trevor Matthews blasts “ridiculous” Sesame Bankhall speculation

Friends Provident chief executive Trevor Matthews has blasted “ridiculous” speculation that the Sesame/ Bankhall takeover could be thwarted by Friends’ deal with Resolution.

In a profile interview in this week’s Money Marketing, Matthews says Friends is committed to Sesame and he is hopeful that the takeover of Bankhall will go ahead.

He says the combined distributors will give the insurer strategic options to explore areas like restricted advice as the retail distribution review unfolds.

He says. “We have got absolutely no intention of selling Sesame.

“I see people saying Cowdery is going to sell Sesame. They have got no idea what Cowdery’s going to do, how dare they talk for Clive? That is ridiculous.

“Sesame delivers bottom-line profit, gives us a good eye on the market and there is strategic value there, given the retail distribution review.”

Matthews says he hopes that Sesame’s takeover of Bankhall will complete, as it offers potential to experiment with different distribution options.

He adds: “I think Sesame and Bankhall could well offer some restricted options if it makes sense. There is definitely potential and that is quite exciting.”

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