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One Savings Bank and Charter Court in possible merger

One Savings Bank and Charter Court Financial Services, which house the Kent Reliance and Precise Mortgage brands, are on course for an all-share £1.6bn merger.

Under the deal, OSB would shareholders would end up with 55 per cent of the combined group, with current OSB chief executive Andy Golding heading it up.

The resulting loan book would come to £15.5bn

A statement reveals that if the merger were to complete, the two current distribution platforms would be maintained.

M&A firm Livingstone director Nick Field comments: “As both OSB and Charter Court have attractive net interest margins around 3 per cent, a track record of good quality growth, and strong positions in specialist products we see this as largely a merger of equals, which is reflected in the all-share deal structure.

“Because both businesses lend across a relatively full range of specialist products and have each invested to develop both retail and wholesale funding capabilities, we would expect operating costs to be the primary area of short-term synergy opportunity.

“As the UK specialist finance market is undoubtedly experiencing some reduction in demand arising from economic uncertainty, consolidation presents a compelling opportunity to deliver incremental profitability independent of market growth.”



John Eastgate leaving One Savings Bank for Shawbrook

Shawbrook has appointed John Eastgate as managing director for its commercial mortgage business. Eastgate will join the specialist lender in the summer. He is currently sales and marketing director at One Savings Bank and has been at the lender for more than six years. He will bring nearly 30 years’ experience in financial services having […]

Renewed demand in BTL sector: One Savings Bank

Demand for buy-to-let mortgages remains broadly positive, despite widespread tax changes in recent years, according to One Savings Bank. The lender – which owns the Kent Reliance and Interbay brands – says that this more positive outlook is based on “robust demand” from portfolio and incorporated landlords, as well as higher levels of remortgaging. Posting […]

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Has Britain really stopped saving?

By Steve Webb, Director of Policy and External Communications Our latest policy paper reveals what the fall in the savings ratio does (and doesn’t) mean In June 2017, the Office for National Statistics published its estimates for the ‘savings ratio’ for the first quarter of 2017. This is essentially a measure of the percentage of […]


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