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Name | Symbol | Market | Type |
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Nationwide7.25% | LSE:POB | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 99.75 | 99.50 | 100.00 | 0 | 01:00:00 |
RNS Number:2655V Scarborough Building Society 20 April 2007 SCARBOROUGH COMPLETES PURCHASE OF CHANNEL ISLANDS SUBSIDIARY The Scarborough Building Society Group (Scarborough) today announced completion of its acquisition of the former Portman Building Society offshore deposit taking business Portman Channel Islands Limited. The business will now be known as Scarborough Channel Islands Limited (SCIL). SCIL has a geographically diverse deposit book of circa #600 million and approximately 6,000 customers. Announcing completion of the deal, Scarborough Chief Executive, John Carrier, spoke of SCIL's plans to expand and develop what is already a successful business, now that it is part of the Scarborough Group. Mr Carrier explained that future plans include using a blend of competitive pricing, product innovation and the development of new markets. SCIL has reassured existing customers that the terms and conditions of their accounts will not change, and that a parental guarantee from Scarborough replaces the parental guarantee from Portman Building Society. This means that SCIL customers will continue to enjoy the security of the parental guarantee of a top 20 UK building society. SCIL will be writing to all existing customers in the next few days. Scarborough is also pleased to confirm that SCIL's existing management team and staff, headed by Managing Director Stephen Le Poidevin, will continue in their roles and will be instrumental in the development and expansion of the business. Robin Litten, Scarborough's Finance Director, and Andrew Holmes, Operations Director & Secretary, will replace the two Portman Building Society Directors on the SCIL Board as Non Executive Directors, while Stephen Jones will continue as Chairman. SCIL will enhance the Scarborough Group's strategy of growth and diversification, adding to its existing suite of complementary businesses. Scarborough Chief Executive John Carrier said: 'I am delighted to announce the successful completion of our acquisition of our new offshore company SCIL. 'The future prospects of this business and the offshore market in general present very real opportunities and we are looking forward to supporting the existing Guernsey based team in developing new products and service offerings which will appeal to existing customers and attract new ones. 'The acquisition adds a significant additional strand to our already diverse business model and will further enhance the success and profitability of our Group, which will benefit customers and members alike.' Stephen Le Poidevin, SCIL's Managing Director, added: 'The offshore arena presents a raft of opportunities for the development of new products and service propositions and, ultimately, expansion into new markets. 'Scarborough has an impressive reputation in the UK and has ambitious plans for supporting the enhancement of SCIL for the benefit of both existing and new customers. This is an exciting time for me and my SCIL team to be at the forefront of these developments'. 20 April 2007 This information is provided by RNS The company news service from the London Stock Exchange END ACQPUUAWCUPMGCU
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