All change for Picture Financial, E.On and Orange

23 October 2007
The Picture Financial Group is reportedly looking to sell its £1.1billion loan book following a number of takeover approaches.

The Financial Times has reported that Picture, the mortgage and payment protection provider which currently has 13 per cent of the secured loan market, is looking at selling its loan book, which has assets of more than a billion pounds.

It is thought that advisory firm Kimot will auction the process which could see a takeover bid from Citigroup who may combine the assets with its online banking business, Egg.

It is thought that WL Ross, Cerberus and JC flowers are also interested in the business.

And in the utilities market, it is all change for gas and electricity firm Powergen and mobile and telecoms firm Orange.

From December 3, Powergen will be known as E.On as it takes on the name of its German parent company, while former Virgin Mobile founder and chief executive Tom Alexander will be moving to rival Orange, replacing Bernard Ghillebaert.

Orange is part of the France Telecom Group which yesterday said it felt it was important to have a Briton running Orange UK.Alexander left Virgin Mobile when it was bought by NTL.

Find out more about Picture Loans , the Orange network and Powergen

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