OneSavings Bank to float on LSE

The former Kent Reliance BS recieved a £50m cash injection from private equity firm JC Flowers in 2010 and is thought likely to achieve a market capitalisation in the range of £500m-£600m.

OneSavings is the first among a number of retail banks expected to float, including Santander UK, Royal Bank of Scotland’s Williams & Glyn’s brand and Lloyds Banking Group’s TSB business as well as private-equity backed challenger banks Aldermore and Shawbrook and high-street lenders such as Metro Bank and the Co-op Bank.

Andy Golding, OneSavings Bank chief executive, said:

“We have made enormous progress since the bank was created three years ago. We have a deep understanding of our markets and are confident we can continue to grow using our specialist, flexible and personal approach to lending and saving.”

“A stock exchange listing is the next natural step in the evolution of the business, providing us with access to the capital markets to enable us to invest for future growth."