Two senior executives in Woodchester's motor finance business have left to join Friends First, whose finance arm now plans a push into this area. Mr Frank Donlon and Mr Declan Fitzpatrick are understood to have resigned from Woodchester this week.
The move of the executives - who were in senior positions in sales and risk management - signals an significant advance by Friends First into this area.
The company, run by Mr Adrian Hegarty, already has a small finance arm but hopes to expand this significantly in the motor finance business.
Woodchester is the dominant player in the market - which involves £1 billion of car sales annually - holding a share of about 40 per cent. Irish Permanent is in second place with about 25 per cent market share. Its business in this market was built up by another former Woodchester executive, Mr Billy Kane, who is now Irish Permanent managing director.
Friends First's financing arm was established in 1997.
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