Article date: 19 April 2004
Norwich Union, the UK’s largest insurer, has agreed tosell the Norwich Union Mortgage Club (NUMC) to Bankhall, one of theUK’s leading suppliers of intermediary services. The sale isexpected to complete by the end of the first week in May 2004.
NUMC is currently the fourth biggest mortgage broker club in theUK, representing 35 lenders and distributing mortgages through morethan 7,000 intermediaries. In 2003, NUMC brokered almost £8 billionof mortgage applications.
Commenting on the sale, Norwich Union’s sales &marketing director, Peter Hales, said: "With the onset ofregulatory change in the mortgage market, intermediaries who havesupported NUMC will require additional services such asauthorisation and compliance. The sale of NUMC to Bankhall willgive intermediaries access to these services. We will continue towork closely with our distribution partners to help them capitaliseon the opportunities offered by the mortgage market."
Paul Hogarth, chief executive of Bankhall, said: "Thisacquisition gives Bankhall greater access to an even wider range ofmortgage suppliers and enables us to offer an even better serviceto the intermediary mortgage market.
"This announcement further reinforces our objective of being thepre-eminent support services provider and takes us a step closer toour vision of a unique "one-stop shop" for mortgage and generalinsurance intermediaries as we move towards regulation later thisyear".
Press office contacts
Norwich Union: James Evans 01904 452791 Out of hours 07790487105
Bankhall: Shaun Godfrey 0161 941 6076 Out of hours07860 327593
Notes to editors
- Norwich Union is the UK's largest insurer. It is the UK'slargest provider of life, pensions and investment products and oneof the leading IFA providers. IFAs provide around 75% of thecompany's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societiesand other leading UK brand names including Tesco Personal Financeand The Royal Bank of Scotland Group.
- Norwich Union’s news releases and a selection of imagesare available from Aviva's internet press centre at www.aviva.com/media
- Bankhall is one of the leading service providers to UK IFAs,supplying compliance, training, marketing and IT support as wellas negotiating highly competitive financial terms from productproviders for its members. Bankhall supports more than 2,000 IFAfirms throughout the UK representing over 5,500 registeredindividuals. Bankhall became a subsidiary of Skandia in February2002.