Andrew Montlake, communications director at Coreco, said: “We welcome the additional competition in this arena and look forward to locking horns.
“This move shows not only the importance of independent advice in the London area but also that as conditions continue to improve we will all be able to benefit from a growing share of the market. We wish them all the best.”
Yesterday Countrywide announced a joint venture with MAB to launch a new financial service brand to the UK market – Capital Private Finance.
Peter Brodnicki, chief executive of MAB, said: “Obviously we’re very close to Coreco as they’re one of our ARs and we’re a shareholder in their business as well.
"The Countrywide deal means they’re a bit like an AR firm of ours and sometimes our ARs do end up competing with one another.
“The Countrywide deal increases our exposure in the high end market in London which is part of our growth strategy.
"We are on good terms with Coreco but in the spirit of banter we’re prepared for this locking of horns with Coreco if there’s any overlap!”
The joint brand will focus on a high net worth property-based financial services offering, providing Countrywide’s premium brands Hamptons International, John D Wood & Co, Faron Sutaria and UK Sotheby’s International Realty with a dedicated and specialist high-end financial service.
The aim is to ensure that all these premium brands have a dedicated broker service to meet all mortgage financing protection and insurance needs.
