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CMA clears OSB and Charter Court merger plan

The competition and markets authority has given the proposed merger between OSB and Charter Court unconditional clearance.

The £1.6bn all-share merger was first announced in March of this year, and the CMA investigation began in June.

The resulting loan book would come to £15.5bn

OSB runs the Kent Reliance brand, while Charter Court operates the Precise Mortgage brands.

Under the terms of this proposed merger, OSB shareholders would hold around 55 per cent of the combined group, with Charter Court shareholders holding the remaining 45 per cent. Current OSB chief executive Andy Goulding would take charge of this new larger lender.

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