CMA approves merger of OneSavings Bank and Precise Mortgages parent
The Competition and Markets Authority (CMA) has cleared the acquisition of Charter Court Financial Services Group by OneSavings Bank.
The merger will unite specialist mortgage brands Kent Reliance, part of OneSavings Bank, and Precise Mortgages. It will create a lender worth more than £1.6bn.
In March both OBS and Charter Court approved the proposed merger and a statement said they would continue to work under separate brands.
It said that Charter Court stakeholders would own 45% of the group and OBS stakeholders 55%.
Charter Court owns Precise Mortgages, Exact Mortgage Experts and Charter Savings Bank.
OneSavings Bank operates with the following brands: Prestige Finance, InterBay Commercial, Heritable Development Finance, Kent Reliance, Jersey Home Loans, Guernsey Home Loans and OSB India.
In the beginning of June the CMA started investigating the merger to discover whether it would result in a substantial lessening of competition.