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Lender Lead Solutions launches reverse mortgage division

Feb 07, 2007

Barclays to acquire EquiFirstMortgagePress.comNon-conforming wholesale mortgage lender Barclays Bank PLC has entered into an agreement to purchase EquiFirst Corporation for approximately $225 million. Completion of the transaction is expected in the first half of 2007, subject to the receipt of the required licenses and applicable regulatory approval. In the third year of ownership, Barclays expects to achieve an annual after-tax return in excess of 20 percent on the purchase of EquiFirst. Barclays will finance the transaction out of existing cash resources. London-based Barclays Bank PLC is a global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. For more information, visit www.barclays.com. Charlotte, N.C.-based EquiFirst Corporation is a non-conforming wholesale lender and subsidiary of Birmingham, Ala.-based Regions Financial Corporation. For more information, call (800) 272-3477 or visit www.equifirst.com.
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Feb 07, 2007
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