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Royal Bank of Scotland ready to sell sub-prime lender

A subsidiary of Royal Bank of Scotland is understood to have put its stake

in sub-prime lender i group, formerly known as Ocwen, up for sale.

Royal Bank of Scotland Development Capital owns 49 per cent of i group

shares which it is said to have offered without success to several

sub-prime lenders, believed to include Platform Home Loans and RFC.

However, i group denies RBS is trying to sell the shares which it acquired

last year.

Platform says it does not comment on such issues.

But one sub-prime lender source says: “We are aware the i group shares are

up for sale.”

As Ocwen UK, the company was dogged by the reputation of thousands of City

Mortgage Corporation loans on its books. The loans were widely critici-sed

for high interest rates and harsh redemption penalties.

Ocwen changed its name to i group in April to distance itself from its old


A Royal Bank of Scotland Development Capital spokesman says: “We never

comment on speculation of this kind. We are happy with our investment in i

group. Credit Suisse and First Boston have been appointed by i group to

advise them on how to grow the business.”

i group spokesman Tony Yorke says: “We have done £1bn-worth of

business thisyear and RBS are very happy with us.”


National Savings rolls on to pass Spam test of time

National Savings is marking the 25th anniversary of the introduction ofindex-linked savings by comparing how life has changed since 1975.A National Savings statement says: “Back in the summer of 1975, Bay CityRollermania was at its height and the nation loved nothing more thansettling down with a Spam sandwich in front of Crossroads before headingout for […]

IFAs told to make supermart choice

The fund supermarket war hotted up this week with latest entrantConsolidated Funds warning IFAs they must choose between the company orrival Fidelity.Consolidated has told IFAs it will be impossible to sign up to bothcompanies because they will experience operational difficulties.It says signing up to Fidelity means they risk missing out on Consolidated funds.Consolidated Funds chief […]

Deal delivers IF 20% of IFA market

Halifax&#39s telenet bank Intelligent Finance is signing a deal with MisysIFA Services to register 4,500 IFAs to the bank&#39s new service which islaunching in July.The agreement means IF&#39s money management system which offers mortgages,credit cards, savings and loans will have reached around 20 per cent of theIFA market in one deal.IF will now be distributed […]

Thy will be done

We are a married couple with two young children. We have net assets worthabout £350,000. These comprise our house, worth about £150,000,with the balance in investments that are divided between us roughlyequally. We have no wills and are concerned that our children should beproperly catered for in the event of our deaths. What issues do […]


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