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Portman adds £1bn to loan book with Sun Bank deal

Portman Building Society has completed the £95m acquisition of specialist lender Sun Bank from Sun Bank of Canada in a deal which adds almost £1bn to the society&#39s mortgage book.

Sun Bank, with 75,000 customers and total assets of £1.2bn, will become the intermediary lending arm of Portman over the next few years as the society concentrates on direct business.

The society says Sun Bank will retain its branding and continue to specialise in catering for self-employed borrowers with irregular or unusual income patterns. Portman Group manager (internal and external communications) Mike Dobson says: “This is a clear indication that Portman intends to grow and compete in an increasingly competitive environment.”

Portman this week appointed United Racecourses managing director Sue Ellen to its board as non-executive director. She has previously been on the board of Birmingham Midshires.

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