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Virgin buys remaining stake in Virgin Money after £90m HHG deal

Virgin has bought the remaining 50 per cent share in Virgin Money Group, paying £90m for the joint venture it owned with HHG, the company comprising AMP&#39s former UK businesses.

HHG will get £50m now plus instalments of £20m over two years for Virgin Money which offers stakeholder pensions, Isas, personal loans, savings accounts and credit cards.

AMP indicated its intention to sell the firm in the review of its UK operations in December 2002. HHG consists of Henderson Global Investors, Pearl, NPI, National Provident Life, London Life and IFA Towry Law.

Virgin Group now holds 100 per cent of the company which sold off its Virgin One mortgage arm – now The One Account – to Royal Bank of Scotland in July 2001.

Virgin Group chairman Richard Branson says: “This deal signals an exciting new chapter in Virgin Money&#39s development. Financial services will be, along with travel, mobile telephones and entertainment, one of the four key pillars of our plan to secure Virgin&#39s position as the world&#39s leading diversified consumer brand.”

Virgin Money chief executive Paul Pester says: “This is the ultimate vote of confidence in our people. As a profitable business with a proven business model and over a million customers, we have the opportunity to take the business to a whole new level.”


Widows chief says FSA using PI crisis to push IFAs into consolidation

The FSA is taking advantage of the problems in the professional indemnity insurance market to push IFAs down the path towards further consolidation, says Scottish Widows chief executive Archie Kane. Speaking to Money Marketing in his first interview since moving from parent company Lloyds TSB last October, Kane says he generally believes the regulator is […]

Widows hits the road for IFAs

Scottish Widows will be holding a series of IFA Roadshows throughout the UK during May and June 2004, entitled “Investing With Confidence.” They are designed to provoke debate and provide positive contributions to the development of an IFA&#39s business. The roadshows commence on May 7 in Glasgow and conclude on June 10 in Cardiff. The […]

Abbey in 15-Year Fix

ABBEY 15-Year Fixed Rate Type: Fixed-rate mortgage Fixed term: Until June 2, 2019 Fixed rate: 5.74% Minimum loan: £6,000 Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, up to 90% of valuation subject to a maximum of £1m Income multiples: Three times principal income plus second or 2.5 times joint […]

Forsyth doubles up on fund of funds

Forsyth Partners has added the Forsyth European bond fund and the Forsyth United Kingdom funds to its Dublin-listed Oeic range. Both funds aim for growth and are managed on a fund of funds basis. The Forsyth United Kingdom fund invests in open-ended investment funds that in turn invest in UK equities. The fund can also […]


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