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Citi Fun 25 | LSE:BG94 | London | Medium Term Loan |
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RNS Number:5705S Britannia Building Society 08 March 2007 8 March 2007 Britannia and EBS to launch Irish mortgage JV Britannia, the leading UK building society, is in advanced talks with Irish mutual EBS to set up a new full service joint venture focussing on the Irish mortgage intermediary market. The plans entail combining the award-winning expertise of Platform, the intermediary lender of Britannia, with EBS's strong reputation and sales network in Ireland. Both societies see brokers taking a bigger share of the residential mortgage market in Ireland, as they have in the UK, and see significant opportunities for growth in the broker market. Britannia Group chief executive Neville Richardson said the proposed JV was an exciting prospect for Britannia, as it would be the first time the Group had operated in residential mortgage markets outside the UK. He explained: "This has the potential to be a very successful and profitable venture for both parties, adding significant value for Britannia's members in the UK and EBS's members in Ireland. EBS shares similar values to Britannia and is very strong in the Irish market. The venture will allow us to exploit Platform's renowned expertise in serving the intermediary sector in a completely new market." 1/more EBS chief executive Ted McGovern said Britannia's success in the UK intermediary market made it the perfect partner for EBS, explaining: "In Britannia we see both complementary capabilities and, being a committed mutual like ourselves, a very compatible business philosophy, ethos and values. "EBS has just completed a very successful first full year in the broker market. We believe that, going forward, this channel will account for an even bigger proportion of the overall residential mortgage market in Ireland. In order to fully avail of these opportunities I am delighted to confirm that EBS and Britannia Building Society are in advanced discussions to create a joint venture which will serve this market." The joint venture will leverage EBS' local market knowledge, established distribution presence and reputation as well as Britannia's experience of intermediary channels. Discussions have opened with the Irish Financial Regulator and, subject to regulatory approval, the JV is expected to be in operation in the second half of the year. Ends 2/more Notes to news editors Britannia is the UK's second largest member-owned building society, with nearly three million members countrywide. It has assets of #35 billion. Its 5,000 employees are based at offices in Leek, London, Bristol and Plymouth and 253 branches across the UK. Platform is the intermediary lender of Britannia and has originated over 120,000 mortgages worth over #10.4bn. Platform offers prime to non-conforming lending including buy to let and self-certification. Platform can meet the needs of a wide variety of borrowers, whatever their aims and circumstances. Platform helps its intermediary customers find the right mortgage with just one application using its unique cascade underwriting facility. If a case fails from a credit perspective, the mortgage application can be moved down the credit scale, and offered on our non conforming range of products. Platform won nine industry awards during 2006, including Your Mortgage Awards b est intermediary mortgage lender; Hamptons Awards best sub-prime lender; Mortgage Strategy Awards best self-certification lender and Mortgage Times Awards best overall lender and best product innovator. EBS Building Society is one of Ireland's leading mutual building societies. Founded in 1935, EBS has over 400,000 members. With a network of 102 offices throughout Ireland, EBS provides a complete range of financial services including mortgages, savings, investments, insurance, loans, and credit cards. EBS currently employs over 700 staff. Operating profit before tax for 2006 was Euro65.9m, up 23% from 2005. For further information: Britannia Graham Leftwich 01538 393075 or 07970 153609 EBS Dave Keenan 00353 1665 9113 This information is provided by RNS The company news service from the London Stock Exchange END JVEIIFFAVSITIID
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