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Chatham's OneSavings Bank in merger talks with Charter Court

By Chris Britcher

One of the county's leading banks is in advanced talks over a £1.6billion merger.

OneSavings Bank (OSB), which operates the Kent Reliance brand and is based in Chatham, is in talks with fellow challenger bank Charter Court.

Under the terms of the deal being discussed, shareholders of OSB - which listed on the London Stock Exchange in 2014 - would own 55% of the merged entity.

The OneSavings Bank, which trades as Kent Reliance, is based in Chatham
The OneSavings Bank, which trades as Kent Reliance, is based in Chatham

Andy Golding, the CEO of OSB, would continue to lead the combined group.

The two boards believe the deal "has the potential to create material shareholder value and has a compelling strategic and financial rationale".

Both lenders believe a merger would allow the creation of a leading specialist mortgage lender in the UK.

OneSavings Bank chief executive Andy Golding would lead the merged company if the deal is agreed
OneSavings Bank chief executive Andy Golding would lead the merged company if the deal is agreed

Any offer by OSB for Charter Court must be submitted no later than 5pm on Saturday, April 6.

Both have seen growth over recent years through buy-to-let mortgages.

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