IN BRIEF: Britannia buys pounds 450m mortgages

Britannia buys pounds 450m mortgages

Britannia, one of the UK's top 10 building societies, is to expand its mortgage assets with the purchase of a pounds 450m portfolio comprising about 10,000 mortgages from Lloyds Bowmaker, part of Lloyds Abbey Life. In February Britannia announced a record performance for the year to December 1994, with pre-tax profits increasing by 25 per cent to pounds 100.7m. Lloyds Abbey Life is 62 per cent owned by Lloyds Bank, which has just bought Cheltenham & Gloucester Building Society.