OneSavings Bank to acquire Interbay Group

OneSavings Bank, which is part-owned by JC Flowers, has revealed that it is in advanced talks to buy commercial mortgage lender Interbay Group.

The move is believed to be part of OneSavings’ strategy to broaden its lending activities.

An announcement on the London Stock Exchange today says: “OneSavings Bank, the mutual bank, today announces that it has entered into documentation to conditionally acquire the entire issued share capital of the Interbay Group, a specialist small and medium enterprise mortgage lender with gross assets of £56.3m, from CS Capital Partners II L P – managed by Cabot Square Capital LLP.”

In September 2008 InterBay was sold by its US parent Bayview Financial to rival UK commercial lender 5D Group for an undisclosed sum.

The firms merged and relaunched under the Interbay brand.