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B&B acquisition worth £1.05bn

  • 21/05/2003
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Bradford & Bingley (B&B) announced the purchase of fee-based IFA Holden Meehan and another tranche o...

Bradford & Bingley (B&B) announced the purchase of fee-based IFA Holden Meehan and another tranche of lending from GMAC RFC at its annual general meeting last week.

The GMAC deal will see B&B acquire around £1.05bn of mortgages before the end of the year, and follows on from a £470m portfolio acquisition announced in March.

Holden Meehan is an IFA specialising in pensions, investments and portfolio management services in the mid to high net worth markets. B&B said the purchase will complement its existing IFA, Charcol, which specialises in mortgages. The Holden Meehan brand will be subsumed into Charcol, although it will still continue to operate independently.

Commenting on the deals, Christopher Rodrigues, group chief executive of Bradford & Bingley, said: ‘The agreement to purchase a further portfolio from GMAC RFC adds scale to the selective lending business and complements our strong organic lending growth.

‘The acquisition of Holden Meehan brings specialist financial planning skills to our IFA business. Charcol is a leader in the mortgage IFA market and we will harness Holden Meehan’s skill to build the leading fee based IFA.’


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