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The merger between OneSavingsBank and Charter Court Financial Services has completed.
First announced in March this year, the all-share combination comprises a 55 per cent stake for OSB shareholders and 45 per cent for Charter Court’s.
All of the group’s brands – Precise Mortgages, Kent Reliance, InterBay, Heritable and Prestige Finance, will remain operationally separate.
New group manging director Alan Cleary says: “We’re very pleased today to announce the completion of the combination of OneSavings Bank plc with Charter Court Financial Services Group plc.”
“Intermediaries have always been at the very heart of our propositions and I’d like to take this opportunity to reassure brokers that operationally they’ll notice absolutely no change.
“It will be business as usual with all the brands of the new group remaining committed to the intermediary market.”
The reaction from the industry is positive. Brightstar chief executive Rob Jupp comments: “This merger is likely to be a significant and very positive game changer in UK Banking. The two most dynamic specialist lenders have now become one and I would expect the combined teams to unleash real change to a largely sterile, unresponsive UK banking sector.
“Their systems, people, leadership team and brands were ‘best in class’ when they were competitors, so the mind boggles at how good they are likely to be as one entity.”
Crystal Clear Financial Services director Mike Brown says: “This looks like a great opportunity for two respected intermediary brands combining to potentially create interesting propositions that endorses the need for professional face-to-face advice”
The Competition and Markets Authority is to investigate the proposed merger of OneSavings Bank and Charter Court Financial Services. At this stage, the CMA is inviting comment on whether this tie-up would substantially reduce competition in the mortgage market. Interested parties have until June 19 to submit comments or objections. These will then be assessed […]
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