One Savings Bank float values lender at £413m

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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.