C&G joins bid trail
Thursday 28 September 1995
A C&G spokeswoman said yesterday that C&G aimed to remain the UK's lowest cost mortgage provider, and that future growth would be both organic and by acquisition: "We are determined to grow, Lloyds Bank is determined to see us grow, and there are too many mortgage lenders around."
C&G passed into Lloyds Bank's ownership in August, when its members were paid the pounds 1.8bn acquisition price . From January to July C&G secured a market share of 5.63 per cent of the UK mortgage market - while at the end of 1994 it secured 4.18 per cent, according to the Council of Mortgage Lenders.
These figures were achieved by C&G offices and do not include any lending done via Lloyds' 1,800 branches, though which its products are now being marketed.
The cost of the transfer to C&G was pounds 18.8m. Underlying profit before bad debts was pounds 162m for the seven months to 31 July, against pounds 257.8m for the 12 months to 31 December 1994.
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