ABN AMRO Joins SMS’s Growing Client List

Press release published on 8 May 2007 by Scarborough Building Society

Scarborough Mortgage Services (SMS) has welcomed its latest major client onboard, in the form of ABN AMRO’s new UK Consumer Asset Finance platform, Topaz Finance PLC (Topaz).

ABN AMRO has become the latest international bank to work with Scarborough Building Society’s third party mortgage administration subsidiary, further boosting the continued growth of the Scarborough Building Society Group.

SMS will act as one of the main Primary Servicers for Topaz. It will also fulfil the Special Servicer role on certain delegated functions. This is a deal which will open the door for future growth and diversification for both businesses.

This agreement is the latest in a string of positive developments for SMS, which, in October 2006, became one of the few mortgage administration companies in the UK to be awarded both primary and special servicer ratings from independent ratings agency Fitch.

Martin Frazer, SMS Managing Director, said: ‘The last two-to-three years have seen the Scarborough Group undertaking a programme of major investment in our processes and systems and these capabilities – coupled with our years of experience in the mortgage origination and third party servicing arenas – were recognised last year by Fitch.

‘I am delighted that ABN AMRO has become the latest major client to recognise this, and has decided to do business with us.

‘With our aspirations to further develop our relationship with our new partner over the next 12 months, we are confident that this partnership will continue to develop into the future.’

Rizwan Hussain, Head of Portfolio Arbitrage & Management for ABN AMRO and board member of Topaz Finance PLC, added: ‘This unique partnership with SMS is an exciting opportunity for ABN AMRO to lever and extend its extensive asset finance and international capital markets experience through Topaz.’

Background To ABN AMRO

• ABN AMRO is an international bank based in the Netherlands and works with a wide range of consumer and commercial clients around the world.
• With roots going back to 1824, it ranks eighth in Europe and 13th in the world based on total assets, with more than 4,500 branches in 53 countries, a staff of more than 107,000 and total assets of over 1,054 billion Euros as at 31 March, 2007.

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