The venture will combine Platform, the intermediary lender of Britannia, with EBS’s sales network in Ireland, in the anticipation of greater opportunities for future growth in the broker market in Ireland.
The collaboration will allow Britannia to enter into a residential mortgage market outside the UK.
Britannia Group chief executive Neville Richardson said: 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.
The transaction is subject to regulatory approval and the joint venture is expected to be in operation in the latter half of 2007.
