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London Scottish to close lending arm

London Scottish Bank has confirmed it will be closing its mortgage lending arm.

In a statement at its Annual General Meeting, the bank revealed it will be effecting a reduced level of lending and a managed exit from its lending business.

It says, as announced in February in its preliminary results, it will focus on the development and growth of its debt purchase and debt collection division Robinson Way.

London Scottish’s lending divisions comprise Factoring, Mortgages and Secured Lending and Unsecured Consumer Credit.

It says capital employed will be reduced by tightening lending or where shareholder value can be created or preserved, by appropriate disposals.

In the 5 months to 31 March 2008, the group’s management accounts recorded an unaudited loss before tax of £6.5m. This is in contrast to a profit of £2.4m in the same period a year ago.


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