Wesleyan makes Key acquisition
BIRMINGHAM-based Wesleyan Assurance Society today announced the acquisition of Key Business Professions, a specialist provider of short-term loans for legal professionals.
The move, the value of which has not been disclosed, will strengthen Wesleyan’s position in the legal market where it already provides specialist financial advice, products and services to lawyers.
The Society’s other core customer markets include doctors, dentists and teachers.
Craig Errington, Wesleyan chief executive, said, “Key Business offers a great synergy with the Wesleyan for Lawyers brand, which we are currently rolling out across the UK.
“The team at Key Business have developed strong relationships with a large number of lawyers and law firms nationwide through the provision of specialist, short-term loans.”
“We can develop these links further and provide a more comprehensive financial service tailored specifically to the legal market. The acquisition also supports the Wesleyan Bank strategy of developing more tailored products for our professional customers,” he added.
He said the society was in a strong position in terms of finance and could look for growth.
“However, our interest lies in opportunities that will develop our customer proposition of providing tailored financial advice, products and services to our professional customers,” he said.
“This acquisition is a clear indication of our commitment to be the provider of choice for legal professionals. It also enables us to grow the society in a structured and prudent way to the benefit of our members.”
Nick Sanders, chief executive of Key Business Professions, said: “We’re pleased that we are becoming part of one of the UK’s financially strongest mutuals with a great heritage and a reputation for customer service and product performance.
“I’m looking forward to working with everyone at Wesleyan and combining our shared knowledge and expertise to provide a comprehensive, tailored financial advice service for the legal profession.”
In another move, Wesleyan has purchased a personal loan portfolio from Liverpool Victoria Banking Services, which has doubled the assets of the bank. As a result of this acquisition, Wesleyan is recruiting additional staff to bolster its Birmingham-based banking operation.
