Legal & General has said the insurance group is unlikely to bid for Sesame Bankhall, widely-believed to be the largest mortgage network in the UK.
Ben Thompson, managing director of Legal & General's mortgage club, said: "I'm not aware of a plan to bid. I can see why Sesame and its component parts would be attractive to some suitors, if still a relatively small number. But I'd wish anyone who chooses to buy it good luck all the same."
"I think this is one of the more exciting things that has happened in the market in the last couple of years. On behalf of L&G, I can't say yes or no, but it's unlikely," he added.
Barclays was appointed to gauge market interest in the Sesame sale in early February, with a management-led buy-out thought to be a strategic option for the firm.
Thompson said the eventual buyer or buyers could pick up individual components, buy the distributor lock stock and barrel or go for a management buy-out.
"But what we have seen in the last five years is that lenders obviously will pay for volume. "
Thompson confirmed that L&G had recruited over 150 new ARs last year.
The exclusive interview goes on to cover L&G's launch with Metro Bank and the strategic state of play alongside the numbers at L&G's AR network.
L&G's results out today see the insurance giant reporting increased operating profits of £1,087m following double digit sales growth and claim it has become the UK's biggest mortgage distributor.
