Bank of Ireland subsidiary Bristol & West is to buy independent financial advisory business Willis National from the current joint owners Willis Group and Abbey National for £40 million. The UK building society says it will merge Willis National and its Web-based comparative finance site MoneyeXtra to create a single advice-based organisation integrating Internet, call centre and face to face advice.
Willis National is a leading provider of independent financial advice, with particular expertise in investments and pension planning. The company employs 300 staff working from a network of 18 UK offices.
Bank of Ireland says the acquisition supports its strategy of building Bristol & West's presence in selected markets, including specialist mortgage products and personal savings and investments as well as expanding into independent advisory activities. More than half of Willis National's income is derived from pension and corporate business - a market segment in which Bristol & West is currently under represented.
The proposed purchase follows Bristol & West's acquisitions of Chase de Vere and MoneyeXtra last year.
Jeff Warren, Bristol & West's chief executive, says: "The purchase will complement our existing activities in this fast growing market, accelerate the development of the MoneyeXtra proposition, and add the important specialism of workplace advice."
The proposed purchase is expected to be completed by end of July.