Britam Holdings Plc (NASE:BRIT) plans to sell part of its 48.2% stake in HF Group Plc (NASE:HFCK) to one of the country's big banks as part of a review of its investment portfolio. A Director of Britam, which last week scrapped nine top executive positions, told Business Daily that a transaction adviser has been hired to guide the process, which is expected to be completed by the end of 2021."The plan is to have one of the big banks acquire a majority stake in HF and run it. The partial exit from HF is to allow Britam to focus on its core insurance business," said the director, who asked not to be identified discussing the share sale.

"Britam could retain a small stake in HF as a passive investor like it does in Equity Group. This means that an offer will also be made to retail investors in HF." Potential suitors will be seeking to ride on HF to grow into the mortgage market.