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IF set for global expansion

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Nov 29, 2002

HBOS is to roll-out loss-making online bank Intelligent Finance into continental Europe and the US, in a bid to become "the Coca-Cola brand of the banking world". IF CEO Jim Spowart - who is set to work more closely with HBOS' management team - will oversee the expansion and integration of new technology throughout new territories, and will be replaced as CEO by head of intermediary sales Grenville Turner, early next year. HBOS expects IF to breakeven in late-2003. Rival Egg, the dominant player in the sector, has already made inroads into Europe via the acquisition of Zebank earlier this year.

"www.if.com ":http://www.if.com

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