Halifax 'in talks to take over insurer'
Thursday 04 January 1996
Halifax Building Society is believed to be holding talks with a large mutual life company in a takeover bid aimed at boosting its market share in the financial services sector.
Industry sources say that the society, which is to become a bank next year following its recent merger with Leeds Permanent, has examined several potential companies in Scotland and England.
Halifax already has a financial services arm, covering both life products and unit trusts. Following the merger with Leeds Life in August, it now has about 150,000 policyholders.
Experts believe that taking over another life insurer would allow Halifax to cut back-office costs quickly for both parties instead of waiting to build up its own business over several years.
It would also give it an entry into the lucrative independent financial advice distribution channel, which recent surveys show is among the most productive in sales terms.
James Crosby, managing director of Halifax Financial Services, said: "We know there is a lot going on out there and there are a lot of opportunities for organisations like ourselves.
"I would simply say that from time to time we will look at [those opportunities]. It would be surprising if someone is not looking at a number of options and then moving on. But we are under no pressure to do anything by way of looking at our new business."
Mr Crosby added that since Halifax Life was launched 12 months ago business had improved significantly after a poor first six months.
Among firms said to be ripe for a takeover bid by Halifax are Provident Mutual and NPI, both large mutual companies based in England.
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 April Fools' Day 2015: The best hoax news stories from around the internet
- 5 Gamers confess the worst things they've done in The Sims
Holborn fire: Chaos as 2,000 people evacuated to escape toxic smoke filling central London
University of Cambridge: Remains of 1,300 scholars are found under building
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
Katie Hopkins reported to the police for race hatred by Labour MP Simon Danczuk after tweet about Pakistani men
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...