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One Savings and Charter Court both grow lending before bank merger.

Byline: CALLUM KEOWN @CallumKeown1

CHALLENGER banks One Savings Bank and Charter Court both reported loan book growth yesterday ahead of their merger.

One Savings Bank reported five per cent loan book growth to PS9.4bn in the first quarter of the year, due to strong commercial and residential lending.

The specialist lender grew loans and advances by PS448m, compared with PS368m during the same period in 2018.

Fellow specialist lender Charter Court, in its own trading update today, reported loan book growth of 18 per cent to PS6.5bn.

New loans of PS710m, a firstquarter record for the company, were driven by "strong performance" across buy to let, residential and short-term mortgage segments.

The challenger banks confirmed the terms of a PS1.6bn merger in March, ahead of the UK's planned EU departure date.

The deal will create one of the UK's largest specialist lenders, adding Charter Court's residential market expertise to One Savings' strength in commercial and development lending.

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Publication:City AM (London, England)
Date:May 16, 2019
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