Newcastle8%pibs Regulatory News (MBSR)

6 Jul 2005 15:51

Manchester Building Society6 July 2005 Mortgage Broking Services Ltd & Interpartners Networks To Link Up Manchester Building Society and Optoma Broker Solutions have reached agreementwhereby their respective mortgage network operations, Mortgage Broking ServicesLtd (MBSL) and Interpartners Ltd, will combine to form the 4th largest of theUK's mortgage networks. Under the terms of the agreement, the enlarged networkwill operate under the MBSL umbrella whilst Optoma will provide specialistpackaging services to the network. The enlarged network will consist of more than 130 appointed representativefirms and over 200 mortgage advisers. Whilst the transaction is subject toregulatory clearance, it is planned that the integration process will becomplete by early August when all ARs will operate under the MBSL banner. Commenting on the development, David Cowie, Chief Executive of ManchesterBuilding Society said "We are very pleased to have reached agreement withInterpartners and are confident that the transaction will be completed smoothlywithin a short timescale. It was apparent from our early discussions that theyhad developed a network of high quality ARs and we are looking forward towelcoming them into our network. There has been continuing speculation overrecent months about the viability of the newly established networks and whetherthey have the critical mass and financial strength to continue. Our view is thatconsolidation will be inevitable with broker emphasis looking towards thosenetworks that have strong financial backing. Having achieved our early targetswe are pleased to be able to pursue this exciting opportunity to accelerate thedevelopment of MBSL and to continue our plan of focussed organic growth in ourAR membership. Matthew Bright MD of Optoma commented, "This is a key development for ourbusiness and enables Optoma to focus specifically on mortgage distribution andpackaging. MBSL are committed to providing high levels of sales and compliancesupport to their network members and this will clearly benefit InterPartners'ARs." This information is provided by RNS The company news service from the London Stock Exchange