| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Arbuthnot Re-entering Uk Consumer Finance Market
Business Financial Newswire
|
Arbuthnot Banking Group says that its retail banking subsidiary Secure Trust Bank will acquire a loan portfolio from Liverpool Victoria for £16.7m
The Bank says tha tthe consideration represents a discount to the gross amount receivable under the Loan Portfolio. Furthermore, none of the loans were in arrears as at the effective date of transfer.
The loan portfolio, which earned an average interest margin of 7.9% in the 12 months to 31 December 2008, is expected to be immediately accretive to earnings.
Chairman of Arbuthnot Banking Group,Henry Angest says:"Over the past few months, all of our businesses within the Group haven taken a number of steps to position themselves to take advantage of the opportunities presented by the current financial climate.
"We believe this is a good opportunity for us to act on our previously announced intention, to re-enter the UK Consumer Finance Market, and the transaction that we are announcing today, is an important component of that strategy."
|
|
|
|
|
|
