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UK: Regulator probes Charter Court, OneSavings deal

By  |  June 5, 2019

UK competition watchdog said on Wednesday it was investigating the merger agreement between British lenders Charter Court Financial Services and OneSavings Bank, reported Reuters.

The Competition and Markets Authority (CMA) said it was considering whether a merger of the two would substantially reduce competition.

The banks announced the merger in March that would create one of Britain’s biggest specialist lenders with a combined market value of 1.75 billion pounds ($2.3 billion).

The marriage marks a major step towards consolidation among “challenger banks” and gives the firms more heft to take on the biggest lenders in Britain.

The sector also faces a string of tax and regulatory changes, while margins remain constrained in a mortgage market where competition is high and growth elusive.

Full Content: Financial Times

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