UK: MUTUO SEEKS ANTI-CARPETBAGGER LEGISLATION

Article Abstract:

Mutuo, a group seeking legislation to prevent windfalls being paid to building society members on demutualisation, has been funded with GBu150,000 from the Co-Operative Union and was due to launch recently at the House of Commons. The reaction from building societies was cautious but the general feeling was that any move that helped promote the case for mutuality was to be encouraged.

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UK: EGG IN TALKS TO BUY IFONLINE MORTGAGE

Article Abstract:

Egg, the Prudential's Internet bank, is trying to acquire a stake in online mortgage sourcing provider Ifonline. It is developing an electronic trading platform that will bring brokers and lenders together by spending GB[pound] 20mn over the next two years. Egg is looking to acquire a significant stake having started its own online investment fund supermarket for consumers.

Egg

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UK: ALLIANCE & LEICESTER SEEKS PARTNERSHIPS

Article Abstract:

Alliance & Leicester, the UK-based mortgage bank, is looking to spend GBu 500mn on an independent business initiative which could see new product partnerships. The company is planning organic growth, with improved client retention, and network expansion. In the first half of 2001, the company reported a 15% drop in profit to GBu 208mn.

Alliance & Leicester PLC

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