You are here: Home - News -

Woolwich to become Barclays lending arm

by:
  • 01/09/2000
  • 0
Barclays has confirmed that Woolwich will become the mortgage lending arm of the bank if the propose...

Barclays has confirmed that Woolwich will become the mortgage lending arm of the bank if the proposed purchase goes ahead.

Tracey Goodyear, a spokes-person at Barclays, said: “We will maintain and develop Open Plan and the Woolwich brand within the enlarged group. It will become the group mortgage brand with a separate and distinct high street presence.”

Barclays’ offer to purchase Woolwich for £5.35bn is expected to raise its presence in the mortgage market and bring Woolwich’s flexible product, Open Plan, to an additional 13 million customers. The acquisition is likely to mimic Lloyd’s TSB’s take-over of Cheltenham & Gloucester – the Lloyd’s brand no longer exists in the mortgage market and all business is directed through C&G.

Ray Boulger, technical director at John Charcol said: “There is little logic in Barclays maintain-ing a separate brand name for mortgages, as it put its offer to Woolwich on the grounds that the Woolwich had better products and a better brand in the mortgage market.”

Barclays’ offer is said to have put pressure on other small to medium-sized banks to put themselves up for sale, such as Abbey National and Alliance & Leicester, which have both seen their shares plummet this year.

Abbey National refused to comment on the rumour. But Michelle Pegley, press office manager at Alliance & Leicester, confirmed that it was keen to remain independent. “We have just unveiled a new strategy that is designed to promote our independence going forward,” she said.

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Brand development can help build value

Funny things, brands. You want your brand to be perceived by your customers as having a specific set...

Close