DCSIMG

One Savings Bank float values lender at £413m

  • by GARETH MACKIE
 

One Savings Bank (OSB), owner of the former Kent Reliance building society, made its market debut this morning with its shares priced at 170p.

The float has raised about £134m for the lender and its private equity backed, JC Flowers, with about £41.5m of the proceeds going to OSB itself.

Chief executive Andy Golding said: “We are excited about the next phase of OSB’s development and extremely confident that we have the right management and strategy in place to deliver long-term shareholder value, and a great customer proposition.”

The lender was valued at about £413m following the initial public offering (IPO), which comes ahead of the planned flotation of TSB this summer and the expected market debut of Shawbrook Bank next year.

 

Comments

 
 

Back to the top of the page