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OneSavings Bank and Charter Court merger gets green light

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  • 30/07/2019
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OneSavings Bank and Charter Court merger gets green light
The Competition and Markets Authority has given the green light to OneSavings Bank for its proposed acquisition of Charter Court Financial Services Group.

 

The regulator looked at whether such a deal might “result in a substantial lessening of competition within any market or markets in the UK for goods or services”.

OneSavings Bank is considered a substantial-sized lender in the specialist end of the mortgages market, offering buy to let, commercial mortgages, residential development loans, provision of funding and asset finance.

The two firms confirmed in March that they planned to merge stating that their goal was to create “a leading specialist lender”.

They emphasized that they wanted to maintain independent broker brands such as Kent Reliance and Prestige Finance, which are owned by OneSavings Bank, as well as Charter Court’s lender Precise Mortgages.

The CMA said it wanted to look at the merger back in June and has now confirmed that it will not pursue the investigation to a second stage.

 

 

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