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Skipton ups stakes.

Skipton Building Society has bought a majority stake in Direct Life & Pension Services as it looks to boost profits through acquisitions.

The society, which has a majority stake in Lichfield mortgage intermediary Pink Home Loans, paid pounds 4.1 million for Chichester-based DLPS, which acts as a broker selling term assurance over the Internet and telephone.

Skipton, the UK's sixth largest building society, said it planned to use profits from the business to offer competitive interest rates to its members.

It added the term assurance market was one of the fastest expanding areas in the financial services sector and was expected to grow by at least 14 per cent a year over the next five years.

The acquisition also means the society is 'ideally placed' to move into the stakeholder pension market in the near future.
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Publication:The Birmingham Post (England)
Geographic Code:4EUUK
Date:Aug 21, 2001
Words:136
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