The merger between Charter Court Financial Services and OneSavings Bank has been completed.
The deal unites the specialist mortgage brands of Kent Reliance and Precise Mortgages however both will continue to operate as separate brands.
Charter Court, owner of Precise Mortgages, stakeholders will own 45% of the combined group whilst OneSavings Bank, owner of Kent Reliance, stakeholders will own 55%. Alongside Precise Mortgages, Charter Court owns Exact Mortgage Experts and Charter Savings Bank whilst OneSavings Bank has various brands including InterBay Commercial and Prestige.
Commenting on the completion of the merger, Andy Golding, CEO of the Combined Group, said “We are very pleased to announce the completion of the combination of OneSavings Bank with Charter Court Financial Services, creating a leading specialist mortgage lender in the UK with greater scale and resources to deploy in growth opportunities. This brings together the complementary strengths of both organisations, across products, brands and expertise, positioning the new group to continue to deliver for our customers and shareholders. I would like to thank everyone in the team who has worked so hard to make this possible and I am excited about the future potential of this business.”
Sir Malcolm Williamson has been appointed to the OSB Board as Chairman of the Combined Group, Noël Harwerth has been appointed to the OSB Board as Senior Independent Director, Rajan Kapoor has been appointed to the OSB Board as Chair of the Audit Committee and Tim Brooke and Ian Ward have been appointed to the OSB Board as non-executive directors of the Combined Group.