Picture Loans Seek Loan Book Sale

Wed, 24 Oct 2007

Financial Group Picture is reportedly trying to sell its £1.1billion loan book following a number of takeover approaches, according to the Financial Times .

The newspaper reported that the UK mortgage and payment protection provider - which currently has a 13 per cent share of the secured loan market - is looking to sell its loan book, which has assets of more than a billion pounds.

It is believed that advisory firm Kimot will auction the process which could result in a takeover bid from US banking giant Citigroup .

The firm may combine the assets with its online banking business, Egg .

Other companies interested in a possible takeover bid are thought to be WL Ross, Cerberus and JC flowers .
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