Newcastle8%pibs Regulatory News (MBSR)

10 Aug 2007 17:11

Manchester Building Society10 August 2007 MBSL and PMP merger Mortgage Broking Services Ltd ("MBSL") has acquired Professional MortgagePartnerships Network Limited ("PMP") with effect from 10 August 2007, to createa combined network of more than 400 mortgage advisers within 294 AppointedRepresentatives. FSA approval for the merger has already been granted. The combined operation will operate under the MBSL brand and will create the 4thlargest mortgage network in the UK. Tony Corrigan, Managing Director of MBSL, will retain the same role within theenlarged operation while Bob Scott, Chief Executive of PMP, joins the Board ofMBSL as a Non-Executive Director. Both MBSL and PMP members will continue to operate with their existing mortgagesourcing systems, which will help to minimise disruption generated from theintegration process, with a decision on future sourcing systems likely to betaken in early 2008. Tony Corrigan commented, "This merger is very much about economies of scalewhich will ensure that both existing MBSL and PMP members will benefit from theenhanced bargaining power of a larger network. MBSL's proposition is generallyrecognised to be one of the lowest cost compliance solutions in the sector andthis will be reinforced by this merger." Footnote to Editor MBSL is a subsidiary of Manchester Building Society, which is the UK's 28thlargest building society, with total assets at 31 December 2006 of £676 million. Contacts for Further Information MBSL: Tony Corrigan, Managing Director Tel: 0161 833 8872 PMP: Bob Scott, Chief Executive Tel: 0845 072 0232 Manchester Building Society: David Cowie, Chief Executive Tel: 0161 833 8888 This information is provided by RNS The company news service from the London Stock Exchange