Society expands in Cardiff with major acquisition

4 November 2008

MBS The Monmouthshire Building Society Group has embarked on a major expansion in the Welsh capital with the acquisition of a well-established financial advisory and insurance broking business.

The Newport-based group has acquired Ben Smith Insurance Services, based in Birchgrove, Cardiff, where the Monmouthshire will establish its first ever dedicated branch in the city.

Ben Smith Insurance Services will be amalgamated into the Building Society’s two specialist subsidiary businesses, Monmouthshire Independent Financial Advisers (MIFA) and Monmouthshire Insurance Services (MIS).

As well as providing both businesses with a dedicated presence in Cardiff, the new branch will serve as a platform on which to build the Society’s residential and commercial mortgages and savings business in the capital.

Society Chief Executive Andrew Lewis said that Ben Smith Insurance Services represented a perfect fit for the organisation.

“Ben Smith has acted as an agent of the Monmouthshire Building Society for some time, so this is a natural progression for both organisations,” Mr Lewis said.

“When the opportunity came to acquire the business, we seized it, in order to acquire a respected name in the industry and a location which offers us excellent access to the personal and commercial market place in Cardiff,” said Mr Lewis.

MIS was created last year following the Society’s acquisition of Spencer’s Insurance Services. MIFA, headed by Managing Director Richard Hill, is well established as one of the largest independent financial advisory businesses in South Wales.

Mr Lewis said both subsidiaries, MIFA and MIS continued to grow and were enjoying record levels of business. “We are intent on continuing to grow the critical mass of both businesses, both organically and through quality acquisitions, as demonstrated by our purchase of Ben Smith Insurance Services,” he added.


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