It’s a little odd to hear, but banks fairly regularly get sold. Whilst the high-street banks that everybody knows are too big to be bought and sold wholesale, smaller parts of them and other smaller banks are fairly constantly being bought, sold, and traded for various purposes.
Now, you might think “so what” to this – why does it matter who owns a bank when what you want from them can probably be provided regardless of the owner? Well, when it comes to finance, it ties into the process of choosing the right lender for what you need. If a lender is concerned with the upcoming merger or sale, are they really going to be focusing on giving you the best deal they can? We doubt it. A lender might be offering a good deal irrespective of that, but often they’re too concerned with the bigger picture to focus on helping the “little guy”.
Situations like these are another example of why brokers are so important to the finance process. On your own, you might not have any idea about the status of one lender vs another. However, a broker’s knowledge of the whole finance world means they can guide you towards a lender that will work for you and really provide the loan you need. Finance can be fraught with many perils – but that’s what brokers are here for!