UK: HALIFAX REPORTS GB 88MN LOSS DUE TO IF SET UP

Article Abstract:

Halifax, in its annual report, has reported an GB[pound] 88mn loss on Intelligent Finance (IF), launched in September 2000, due to set-up costs. However, IF believes that there is a huge need for its product and has already gained 5% of the market share of new mortgage business, with some 230,000 accounts set up since the launch, according to Heather Scott, corporate communications manager.

Sales, profits & dividends, Banking industry, Mortgage banks, Intelligent Finance

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UK: Mortgage club changes name

Article Abstract:

The Scottish Amicable Premier Mortgage Club, which John Malone established in 1996 and has 16,000 intermediaries, will be renamed Prudential Mortgage Club in first six months 2002. The club originates one tenth of the whole mortgage market. Procuration fees are better than those direct from lenders.

Marketing procedures, Abstract, Scottish Amicable Investment Managers Ltd.

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