LV rules out rescue bid for Dunfermline

Published on Friday 27 March 2009 21:26

MUTUAL insurer Liverpool Victoria yesterday posted doubled annual profits of just under £63 million after acquisitions helped it ride out volatile markets – but ruled out any rescue bid for Dunfermline Building Society.

Mike Rogers, chief executive of the group, which now trades as LV>, said: "No, we are not interested (in Dunfermline].

|We have in the past had strategic musings, looking at an insurance mutual and a building society mutual coming together.

"But we decided that was not for us some time ago. The challenges that it (Dunfermline] faces, funding and liquidity, it's not obvious that we would be a big help to them."

Liverpool Victoria quit banking to focus on life and general insurance after plunging to a near 20m loss two years ago, since when the banking sector has imploded.

Rogers said the timing had been good "but we can't claim to have foreseen it all (the banking sector's problems]".