The merger between two banks to create a £1.7bn specialist mortgage lender will create a business better able to withstand any turbulence from the UK’s looming departure from the European Union, according to one of the architects of the deal.
One Savings Bank yesterday struck an all-share deal to buy Charter Court Financial Services to form a group with £13.2bn in customer deposits and £15.6bn in loans.
One Savings shareholders will own 55% of the combined business, with the rest held by Charter Court’s investors.
