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UK: Charter Court in merger talks with OneSavings Bank

By  |  March 10, 2019

British challenger bank OneSavings is in advanced talks to buy Charter Court Financial Services and create a lender worth more than 1.6 billion pounds, reported Reuters.

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    OneSavings, founded in 2011 as part of a private equity buyout of the Kent building society KRBS, is one of the banks aiming to challenge Britain’s biggest lenders. Charter Court, a specialist mortgage bank, was launched in 2008.

    Sky said under the plan OneSavings, which has a market value of 905 million pounds ($1.2 billion), would use its equity to make a bid for Charter Court, valued at the close of Friday at 733 million pounds.

    Britain’s banking sector is dominated by six huge lenders, RBS, Lloyds, Barclays, HSBC, Santander and building society Nationwide.

    Below them challengers like Metro Bank and Virgin Money – acquired by Clydesdale Bank owner CYBG,  and specialists such as OneSavings have been growing.

    Full Content: Bloomberg

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