OneSavings Bank acquire Prestige Finance
OneSavings Bank has taken over Prestige Finance in a deal that was completed on Friday and officially announced on the Stock Exchange today.
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Prestige, a well-established secured loan lender, rebranded from Sheldon & Stern in 2002 and were funded by HBOS and Barclays.
OneSavings published an announcement in July that suggested growth, having issued shares to the value of £15 million, with chairman Stephan Wilcke commenting at the time:
"The Board is pleased that it has secured a further planned capital injection from JC Flowers to pursue its growth strategy. This is a perfect example of the significant benefits that the Bank's hybrid structure delivers by providing access to capital whilst staying close to its mutual values."
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