Principality to sell Nemo "amid regulatory changes"
Principality is reportedly seeking a buyer for second-charge mortgage lender Nemo Personal Finance.
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According to Sky News, Principality is hunting a buyer for the £700m mortgage business amid regulatory changes, with a transaction expected later this year.
Nemo made a £14m profit in 2014, and said in its annual report:
"In 2014, the secured loan market has seen increased competition putting downward pressure on pricing and it faces a changing regulatory landscape over the next 12 to 18 months.
"This has been as a result of the increased competition in the market and as a result of work to strengthen the Nemo balance sheet but we are confident that it will continue to maintain a successful business with a strong presence in the second charge market."
Principality declined to talk to Financial Reporter at the time of writing.
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