IN BRIEF: Britannia buys pounds 450m mortgages

Tuesday 18 July 1995 23:02 BST

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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.

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IN BRIEF: Britannia buys pounds 450m mortgages

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