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OneSavings Bank eyes stockmarket float

OneSavings Bank, the bank created out of a rescue deal for Kent Reliance Building Society, is reportedly preparing to float on the stockmarket next year.

It is thought OneSavings Bank has begun talks with investment banks about a listing next year.

OneSavings Bank was set up in August 2010 and is jointly owned by Kent Reliance Provident Society and private equity firm JC Flowers. The bank was created as part of a restructuring deal that saw JC Flowers inject £50m in capital in exchange for around 40 per cent of OneSavings Bank.

A spokeswoman for OneSavings Bank says: “I can confirm that OneSavings Bank is reviewing various options to continue to build the business for the long-term benefit of all its stakeholders whilst maintaining the bank’s mutual ethos. To make any further comment would be premature.”

JC Flowers has failed in attempts to buy Principality Building Society and the 300-strong branch network being sold by Royal Bank of Scotland, though has acquired a mortgage book from Northern Rock Asset Management.

OneSavings Bank posted a pre-tax profit of £10.2m for the first half of the year, compared to a loss of £600,000 for the same period in 2012.

Chartwell Funding managing director Robert Winfield says: “OneSavings Bank is not really a traditional building society anymore but more of a niche lender. Floating the business seems like a natural progression.”


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