6th Jun 2005 12:28
HSBC Holdings PLC06 June 2005 HSBC Financial Corporation Limited Acquires Invis Inc. Under an agreement entered into on June 1, 2005 HSBC Financial CorporationLimited ('HSBC Financial') has acquired all the ordinary share capital of Invis Inc., one of Canada's leading residential mortgage brokerage companies, and hasthe right, subject to regulatory approval, to acquire the outstanding votingpreference shares at par. Invis negotiated more than C$4.5 billion of mortgages on behalf of homeownersand homebuyers in 2004. More than 550 individual mortgage brokers work withInvis in locations from Vancouver Island to Newfoundland. It has a net assetvalue of C$35,000. Andrew Moor, President and CEO of Invis Inc. said: "Our customers come from allwalks of life and understand that dealing with a mortgage broker who can matchtheir needs in terms of credit availability, interest rate and terms with thebest mortgages from a wide range of lenders is the best way to get a mortgage. Iam looking forward to bringing the resources of HSBC Financial CorporationLimited together with our own expertise to enhance this customer experience.Invis has had a remarkable track record since its inception. This is the resultof the efforts of our outstanding brokers and staff." Pat Burke, President and Chief Executive Officer, HSBC Financial CorporationLimited said: "We are impressed with the dramatic growth that Invis Inc. hasexperienced since being founded in 2000. Invis mortgage brokers have areputation for providing great customer service and our goal will be to nurturethe entrepreneurial energy of Invis and provide additional support where we canto enhance the value to the customer." Notes to editors: About Invis Inc.Invis was incorporated in July 2000, but the company is far from being a newplayer in the mortgage industry. The founding, and new, members of Invis haveextensive experience in the industry. Many of the individuals now involved aspart of the Invis team have backgrounds in the financial services and mortgageindustries, giving the team significant knowledge and experience. Invis is nowthe largest independent mortgage broker in Canada and has negotiated over C$15billion of residential mortgages since inception. More than 550 individualmortgage brokers work with Invis in locations across Canada. About HSBC Financial Corporation LimitedHSBC Financial Corporation Limited offers a diversified range of consumerfinancial services to the Canadian public through a network of over 100 retailbranches and other distribution channels. These services include consumer loans,mortgages and private label credit cards. They are offered by the Corporationthrough four principal operating subsidiaries: HSBC Finance Corporation Canada,HSBC Retail Services Limited, Household Realty Corporation Limited, andHousehold Trust Company. For more information about HSBC Financial CorporationLimited, visit hsbcfinance.ca. HSBC Financial Corporation Limited is a subsidiary of HSBC Finance Corporation,a foreign bank that is not regulated in Canada as a financial institution, abank holding company or an insurance holding company. However, HSBC Bank Canadaand HSBC Bank USA, N.A. are regulated in Canada as a bank and an authorizedforeign bank, respectively. HSBC Financial Corporation Limited, HSBC Bank Canada and HSBC Bank USA, N.A. aremembers of the HSBC Group. With over 9,800 offices in 77 countries andterritories and assets of US$1,277 billion at 31 December 2004, the HSBC Groupis one of the world's largest banking and financial services organizations. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSBC Holdings