Investec has announced the sale of Kensington Mortgages to investment firms Blackstone and TPG in a deal worth £180m.
Former Barclays chief operating officer Ian Henderson is to set to become chief executive at Kensington Mortgages once the sale is complete.
Invested confirmed it was looking to sell Kensington in February.
Then in March, it was reported that Goldman Sachs were the lead bidder among several firms including challenger banks Virgin Money and Metro Bank.
But this morning, Investec announced to the stock exchange that Blackstone and TPG had bought its mortgage arm. Investec says the sale is based on Kensington’s tangible net asset value of £165m.
Henderson says: ”I am delighted to join Kensington and look forward to working with Keith Street and the management team under new ownership. Kensington is an outstanding business and we will use its expertise and market position to broaden our product range for new and existing customers.”