The firm behind the Kent Reliance bank has completed a £1.6billion merger deal.

OneSavings Bank, based in Chatham, confirmed in March it was in talks with fellow challenger bank Charter Court.

Now the deal has been completed and shares in the newly combined company for trade on the London Stock Exchange.

Its individual brands - such as Kent Reliance - will continue in their existing form.

Andy Golding, CEO of the combined group, said: "We are very pleased to announce the completion of the combination of OneSavings Bank with Charter Court Financial Services, creating a leading specialist mortgage lender in the UK with greater scale and resources to deploy in growth opportunities.

"This brings together the complementary strengths of both organisations, across products, brands and expertise, positioning the new group to continue to deliver for our customers and shareholders. I would like to thank everyone in the team who has worked so hard to make this possible and I am excited about the future potential of this business.”

In addition, Sir Malcolm Williamson has been appointed to the OSB board as chairman of the combined group, Noël Harwerth has been appointed as senior independent director, Rajan Kapoor as chair of the audit committee and Tim Brooke and Ian Ward as non-executive directors.

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