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LONDON (Alliance News) - Charter Court Financial Services Group PLC on Monday confirmed it is in "advanced" talks for a takeover by larger peer OneSavings Bank PLC to create a GBP1.64 billion lender.
OneSavings, which has not yet released its own statement, would offer 0.8253 of a share per Charter Court share, leading to OneSavings Bank shareholders owning 55% of the new group and Charter Court's the rest.
FTSE 250-listed OneSavings Bank has a market capitalisation of GBP904.6 million and Charter Court GBP733.3M.
Leading the combined group would be current OneSavings Chief Executive Andy Golding.
The "highly compelling" deal, Charter Court said, would create a "leading" specialist mortgage lender in the UK and a strong retail-wholesale funding platform.
A deal has not yet been agreed, Charter Court stressed, but both boards would recommend one to its shareholders if a final agreement can be reached.
