Credit, collections & insolvency news
Aryza Group has announced it has acquired Axcess Consulting, an Australian headquartered provider of loan management software to blue chip financial services companies across Australia, UK, Ireland, Asia and Canada. Founded in Geelong in 1991, the Axcess platform is a scalable SaaS offering designed to help, non-bank lenders manage loan origination, underwriting, servicing and investment…
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Solaris Law, part of the Azzurro Group, completed the acquisition of Shoosmiths’ business-to-business recoveries division (in England & Wales), formally merging the two teams and moving to modern new offices on the Solent Business Park, Whiteley. The announcement is the first part of a two-part transaction that will ultimately lead to Solaris Law becoming one…
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Natwest Group has announces that it has entered into an agreement with Sainsbury’s Bank to acquire the retail banking assets and liabilities of Sainsbury’s Bank which comprises its outstanding credit card, unsecured personal loan and saving accounts. NatWest Group expects to acquire approximately £2.5 billion of gross customer assets, comprising £1.4 billion of unsecured personal…
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The Competition and Markets Authority (CMA )is investigating the anticipated acquisition by Nationwide Building Society of Virgin Money. Nationwide’s £2.9bn takeover bid for Virgin Money would create the second-largest mortgage lender in the UK. The CMA says its investigation will examine whether the move will result in a substantial lessening of competition within any market…
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Coventry Building Society has agreed to a takeover of the Co-operative Bank for £780 million under the agreement the firms have signed a share purchase agreement under which the building society will acquire the entire issued share capital of Co-operative Bank. The combined group will be led by the mutual’s chairman David Thorburn and…
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G3 Vehicle Auctions has announced the acquisition of the Cazoo Wholesale business to create a new G3 Bedford auction facility as part of their ongoing UK expansion plan. G3 have acted swiftly to secure the premises, land and existing experienced remarketing team from Cazoo along with other software assets, to add to their established G3…
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Digital bank Chetwood Financial has announced it has completed the acquisition of the buy to let mortgage lender CHL Mortgages for Intermediaries (CMI) from Barossa Asset Purchaser Sarl (Barossa). Chetwood entered a competitive bidding process to acquire the lender, which trades as CHL Mortgages, to grow a well-regarded business and access its experienced mortgage lending…
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Evolution Funding has exchanged contracts to acquire motor finance broker Creditas Financial Solutions, subject to FCA approval. Founded in 2007 by Andy Shaw and headquartered in Leeds, Creditas employs 60 staff and oversees four Appointed Representatives. Taking an innovative go-to-market approach, Creditas has leveraged commercial advantage and market share by uniquely championing an appointed representative…
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Smart Money Cymru Community Bank and Newport Credit Union have announced that they will merge. The combined entity, which will be called Smart Money Cymru and will be the largest organisation of its kind in Wales, offering financial services to more than 15,000 members across a branch network extending through the Valleys and into Mid…
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Nationwide Building Society has had an all-cash bid for Virgin Money accepted. The move that will make Nationwide the UK’s second-largest mortgage provider, leapfrogging Natwest. Nationwide will pay 220p per share comprising 218p per share cash plus a 2p dividend in a deal that values Virgin at £2.9 billion, a 38% premium to Wednesday’s close.…
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Barclays Bank has announced it has entered into an agreement to acquire the retail banking business of Tesco. The sale only includes its banking operations in credit cards, loans and savings. Tesco bank has around five million customers. The acquisition and partnership are subject to regulatory approval and expected to complete in the second half…
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Business debt solutions specialist, Azzurro Associates has announced it is launching a new business following the acquisition of Equivo’s Legal Services division and Shoosmiths’ Business-to-Business Recoveries division. The two teams will come together to form a new business called Solaris Law. The new business will create a new specialist law firm focussed on market consumer…
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Financial service software solutions provider Aryza Group has announced the acquisition of Oyster Bay Systems OBS) and its subsidiary Profile Data Services (PDS). Aryza says the strategic acquisition will strengthen the company’s position in the finance and lending market, expanding the group’s capability in the loan management sector, adding scale and client reach in the…
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