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: Wesleyan grows with top-ten IFA acquisition.

Wesleyan Assurance took a big step towards fulfilling its ambition of becoming a major UK financial institution yesterday when it bought one of the country's biggest independent financial advice businesses.

The deal to acquire Professional Affinity Group Services (PAGS) from the British Medical Association will expand Birmingham-based Wesleyan's business by nearly half.

The value of the deal was not disclosed.

PAGS trades as BMA Services (BMAS) and is a market leader in the provision of independent financial services and advice to the medical profession.

It is in the top ten of freestanding IFAs, generates pounds 150 million-pounds 200 million a year in premium income and employs 250 people.

As well as financial advice, BMAS also distributes an ownbrand credit card and provides personal loans.

The business, which has 16 branches throughout the UK, was set up in 1983 as a joint venture between the BMA and Jardine Glanville, now Jardine Lloyd Thompson Group. The BMA took full ownership in February. BMAS will continue to operate under its existing name as part of the Wesleyan group.

Wesleyan chief executive Peter McNamara said: 'Bringing BMAS into the Wesleyan family means we will have a substantial IFA, general insurance, personal loans and credit card business to complement our life, pensions, investment and banking businesses.'
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Sep 17, 2002
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