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Citigroup snaps up ABN Amro’s mortgage business

US banking heavyweight Citigroup is buying ABN Amros mortgage business, as it looks to strengthen its consumer lending arm.

Citigroup will purchase roughly $9bn of ABN Amros assets and its $224bn mortgage portfolio.

The acquisition will add around 1.5 million servicing customers to CitiMortgage along with 2,500 wholesale brokers to its wholesale lending business, Citigroup says.

Carl Levinson, president and chief executive of Citigroups lending group, says: The acquisition of ABN Amro mortgage group demonstrates our commitment to grow our consumer lending business in the US.”

The purchase, for an undisclosed sum, will move Citigroup from number five to four in mortgage servicing market, the US bank says.

ABN Amro says its decision to sell its mortgage arm, which is set to be complete by March, is part of its strategy to streamline its business.


PACKAGING SUMMIT 2007: Common trading platform still long way off

A common mortgage e-commerce trading platform still looks to be a long way off following discussions on the second day of the Mortgage Strategy Packager Summit in Nice.Despite the general consensus among delegates that there must be greater cooperation between lenders and packagers on technology, there seems little hope that this will happen.Various reasons including […]

Dear Delia

Mr Clements is a small builder who wants to buy a property to let out to students. The property has six bedrooms, a kitchen and a bathroom. It is in some disrepair and although it is fine structurally, a new kitchen, bathroom and general decoration is required before it can be let out. The fact that it is not in a state to let out at the present time means that the rental assessment from a valuer would be insufficient to support the advance he requires. What are his options?

FSA bans IFA from doing business

The Financial Services Authority has banned independent financial adviser, George Robert Piggott, from all regulated activities in the financial services industry.The Financial Services and Markets Tribunal found that in his dealings with customers and in the courts, Mr Piggott knowingly relied on forged documents, recommended lying to an insurance company and threatened some clients with […]

Brokers warned not to miss the HIP bandwagon

Mortgage Advice Bureau has expanded its sales force with the appointment of a regional sales director for the Midlands and two area sales managers for the south of the UK. David Pearce has joined MAB as the regional sales director for the Midlands and is responsible for overseeing sales operations from Gloucester to Liverpool. Ian […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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