US-based Wilshire Financial Services Group Inc. has agreed to acquire 99% of the outstanding stock of Royal Saint Georges Banque of Paris, France, reports Inman News.
RSGB, which is a unit of UK insurance company Commercial Union, is primarily an originator of residential mortgage loans. Financial terms of the transaction were not disclosed.
“This is an exciting acquisition for Wilshire,” said Andrew Wiederhorn, chairman and chief executive of Wilshire. “RSGB provides Wilshire with full-service banking capability throughout the European Union and significantly strengthens our growing presence in Europe.”
Wilshire currently employs 81 people in Europe, primarily in the UK and France. The company’s European operations include loan and real estate servicing and real estate and mortgage asset acquisition.
