OneSavings Bank grows loan book as chairman resigns

Ryan Bembridge

November 2, 2016

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OneSavings Bank, owner of Kent Reliance, InterBay Commercial and Prestige Finance has announced strong results after it emerged that its non-executive chairman Mike Fairey has resigned.

Its loan book swelled by 13% (£466m) to £5.6bn during the first nine months of the year, though that excluded the sale of Rochester Financing which disposed of about £220m worth of mortgages.

Yesterday it was reported that Fairey will step down at the bank’s 2017 annual general meeting.

The bank said it will search internally and externally for a successor to Fairey, who joined the bank in April 2014.

Andy Golding, chief executive of OneSavings Bank, who was commenting on the results, said: “Application levels for the second half to date are significantly in excess of the first half and our pipeline of new business is at a record level.

“This means we remain confident of achieving our net loan book growth target for this year and double-digit growth into 2017.”

On 31 October, the bank completed the purchase of a small £60m residential mortgage portfolio.

The bank has drawn £626m under the Funding for Lending Scheme to date, while it intends to begin drawing from the new Term Funding Scheme in the fourth quarter.

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