London Stock Exchange welcomes OneSavings Bank

 

London Stock Exchange today welcomed OneSavings Bank, the specialist lender and retail savings group, to the main market for listed securities.

The Company will use the gross primary proceeds it receives from the Global Offer (approximately £41.5m) to increase its Common Equity Tier 1 ratio and support future growth.

OneSavings Bank was formed in 2011 following the recapitalisation of the Kent Reliance Building Society by funds advised by J.C. Flowers & Co. LLC and is based in Chatham, Kent. The Group trades under the Kent Reliance, Interbay, Prestige and Heritable brands in the UK and under the Jersey Home Loans and Guernsey Home Loans brands in the Channel Islands. The Group focuses on selected sub-sectors of the lending market where opportunities have been identified for high, risk‐adjusted returns and strong growth. The Group's specialist segments include Residential Mortgages (comprising bespoke first charge, second charge and shared ownership mortgages) and Buy‐to‐ Let/SME. The Group is predominantly funded by retail savings.

Andy Golding, Chief Executive of OneSavings Bank, said: "A stock exchange listing is a natural step in the evolution of the business, providing us with access to the capital markets to enable us to invest for future growth. We have a deep understanding of our markets and the listing will help us continue to grow using our specialist, flexible and personal approach to lending and saving."

Barclays (Sponsor), Canaccord Genuity and RBC Capital Markets were appointed Joint Bookrunners. Macquarie was co lead Manager and OneSavings Bank was advised by Rothschild and Ashurst LLP.