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Paragon acquires £43m of RBS unsecured loans

by: Mortgage Solutions
  • 27/10/2011
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Paragon acquires £43m of RBS unsecured loans
Paragon has agreed to buy a portfolio of unsecured consumer loans from The Royal Bank of Scotland (RBS) for £43.2m.

Paragon said it had made the acquisition through its investment division, Idem Capital. Its servicing division, Morgate Loan Servicing, has managed the RBS portfolio of loans for the last two years.

It said that the acquisition would enhance its earnings for the year.

Nigel Terrington, chief executive of Paragon, said: “Paragon, through Idem Capital, has made great progress with its strategy.

“This is the sixth portfolio acquired since mid-2009, of which four have been acquired in 2011, bringing the total investment to date to £89.5m.

“We continue to see further attractive portfolio acquisition opportunities.”

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