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ONESAVINGS BANK PLC (OSB)

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Monday 23 March, 2020

ONESAVINGS BANK PLC

Director/PDMR Shareholding

Director/PDMR Shareholding

OneSavings Bank plc
(the Company)

Notification of Transactions of Persons Discharging Managerial Responsibilities (PDMRs) and persons closely associated with the PDMRs

(i)            Awards

The Company notifies the following changes in the interests in the ordinary shares of £0.01 each (Shares) of the Company of the Executive Directors and other PDMRs arising from awards granted under the Deferred Share Bonus Plan (DSBP) and Performance Share Plan (PSP) on 19 March 2020 at a price of £2.5836 per Share being the average closing price of the Shares for the five dealing days leading up to the date of grant.

The purpose of the DSBP is to facilitate the deferral of part of a participant’s annual bonus into Shares.  Awards to Executive Directors will normally vest three years after grant and awards to other PDMRs will normally vest one year after grant. DSBP awards will not be subject to performance conditions. 

The PSP awards are based on a mixture of internal financial performance targets, relative total shareholder return and a non-financial risk metric.  The performance targets will be measured over three financial years with vesting in five equal tranches between three and seven years following grant.  Clawback and malus provisions apply to these Awards.

The Group Remuneration Committee considered whether to reduce the grant level of the PSP awards in light of the recent share price falls, or to delay the grant.  However, acknowledging that Coronavirus (COVID-19) is impacting the stock market generally, it determined that the 2020 awards should be granted at the normal grant level under the policy. It also decided against delaying the grant, as it was not possible to forecast when the stock market was likely to stabilise. The Group Remuneration Committee however has discretion to adjust the vesting level to ensure that the reward level reflects underlying performance, risk and individual conduct and in doing so will consider whether there have been any windfall gains in the event of a swift recovery in the stock market and company share price.

Name Number of Shares acquired
Executive Directors    
  DSBP PSP TOTAL
Andrew Golding 114,558 312,935 427,493
April Talintyre 77,172 212,881 290,053
Other PDMRs    
Jens Bech 33,909 121,002 154,911
Alan Cleary 32,145 153,983 186,128
Richard Davis 20,943  0 20,943
Peter Elcock 32,145 151,783 183,928
Jason Elphick 24,333 95,101 119,434
John Gaunt 0 77,992 77,992
Hasan Kazmi 33,051 101,778 134,829
Clive Kornitzer 38,186 129,774 167,960
Lisa Odendaal 23,636 83,136 106,772
Paul Whitlock 15,447 78,170 93,617
Richard Wilson 21,883 83,455 105,338

(ii)           Vestings – Sale to Satisfy Tax Liabilities

The Company also notifies the following changes in the interests in the ordinary shares of £0.01 each (Shares) of the Company of the Executive Directors and other PDMRs arising from awards vested under the following plans:

  • 2017 Deferred Share Bonus Plan, which was granted on 16 March 2017 at a price of £4.0754 per Share being the average closing price of the Shares for the five dealing days leading up to the date of grant.
     
  • 2017 Performance Share Plan, which  was granted on 16 March 2017 at a price of £4.0754 per Share, being the average closing price of the Shares for the five dealing days leading up to the date of grant; 75.1 per cent of the awards vested.
     
  • 2019 Deferred Share Bonus Plan, which was granted on 14 March 2019 at a price of £3.9008 per Share being the average closing price of the Shares for the five dealing days leading up to the date of grant.

The number of shares sold represents the tax liability for each individual.

Name Number of Shares disposed  
Executive Directors    
  DSBP PSP TOTAL
Andrew Golding 23,076 50,769 73,845
April Talintyre 15,629 26,904 42,533
Other PDMRs    
Jens Bech 12,351 22,060 34,411
Richard Davis 7,540 9,417 16,957
Jason Elphick 8,819 6,127 14,946
Hasan Kazmi 10,263 12,454 22,717
Clive Kornitzer 13,279 18,876 32,155
Lisa Odendaal 7,414 6,992 14,406
Richard Wilson 8,059 10,328 18,387

(iii)          Shares purchased by Directors and other PDMRs in the market.

The following disclosures are made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Andrew Golding   
     

2 - Reason for the notification

Position/status Chief Executive Officer
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table  

Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 427,493 £1,104,470.91
Aggregated £2.5836 427,493 £1,104,470.91


  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 Disposal
  Price Volume Total
£1.721785 73,845 £127,145.21
Aggregated £1.721785 73,845 £127,145.21
                 


                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person April Talintyre   
     

2 - Reason for the notification

Position/status Chief Financial Officer
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table
  

Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 290,053 £749,380.93
Aggregated £2.5836 290,053 £749,380.93


  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 Disposal
  Price Volume Total
£1.721785 42,533 £73,232.68
Aggregated £1.721785 42,533 £73,232.68
                 


                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Jens Bech  

2 - Reason for the notification

Position/status Group Commercial Director
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 

Acquisition
  Price Volume Total
£1.764186 11,274 £19,889.43
Aggregated £1.764186 11,274 £19,889.43
                 


Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 154,911 £400,228.06
Aggregated £2.5836 154,911 £400,228.06


  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 Disposal
  Price Volume Total
£1.721785 34,411 £59,248.34
Aggregated £1.721785 34,411 £59,248.34
                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Alan Cleary   
     

2 - Reason for the notification

Position/status Group Managing Director, Mortgages
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

  

Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 186,128 £480,880.30
Aggregated £2.5836 186,128 £480,880.30


                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Richard Davis   
     

2 - Reason for the notification

Position/status Chief Information Officer
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table  

Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 20,943 £54,108.33
Aggregated £2.5836 20,943 £54,108.33


  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 Disposal
  Price Volume Total
£1.721785 16,957 £29,196.31
Aggregated £1.721785 16,957 £29,196.31
                 


                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Peter Elcock    
     

2 - Reason for the notification

Position/status Chief Risk Officer, CCFS
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table  

Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 183,928 £475,196.38
Aggregated £2.5836 183,928 £475,196.38


                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Jason Elphick  

2 - Reason for the notification

Position/status Group General Counsel and Company Secretary 
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  20 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.25223 8,214 £18,499.82
Aggregated £2.25223 8,214 £18,499.82
                 


                 


Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 119,434 £308,569.68
Aggregated £2.5836 119,434 £308,569.68


  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 Disposal
  Price Volume Total
£1.721785 14,946 £25,733.80
Aggregated £1.721785 14,946 £25,733.80
                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person John Gaunt  

2 - Reason for the notification

Position/status Group Chief Information Officer
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table
  

                 


Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 77,992 £201,500.13
Aggregated £2.5836 77,992 £201,500.13

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Hasan Kazmi  

2 - Reason for the notification

Position/status Chief Risk Officer, OSB
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 134,829 £348,344.20
Aggregated £2.5836 134,829 £348,344.20


  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 Disposal
  Price Volume Total
£1.721785 22,717 £39,113.79
Aggregated £1.721785 22,717 £39,113.79
                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Clive Kornitzer  

2 - Reason for the notification

Position/status Group Chief Operating Officer
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 167,960 £433,941.46
Aggregated £2.5836 167,960 £433,941.46


  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 Disposal
  Price Volume Total
£1.721785 32,155 £55,364
Aggregated £1.721785 32,155 £55,364
                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Lisa Odendaal  

2 - Reason for the notification

Position/status Group Chief Internal Auditor
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 106,772 £275,856.14
Aggregated £2.5836 106,772 £275,856.14


  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 Disposal
  Price Volume Total
£1.721785 14,406 £24,804.03
Aggregated £1.721785 14,406 £24,804.03
                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person  Paul Whitlock  
     

2 - Reason for the notification

Position/status Group Managing Director, Savings
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
  Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 93,617 £241,868.88
Aggregated £2.5836 93,617 £241,868.88
       

  

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Richard Wilson  

2 - Reason for the notification

Position/status Group Chief Credit Officer
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 Outside a trading venue GBP – British Pound
  Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.5836 105,338 £272,151.26
Aggregated £2.5836 105,338 £272,151.26
                 


  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 Disposal
  Price Volume Total
£1.721785 18,387 £31,658.46

 
Aggregated £1.721785 18,387 £31,658.46

 
                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person David Weymouth    
     

2 - Reason for the notification

Position/status Chairman
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 

Acquisition
  Price Volume Total
£1.731000 5,500 £9,520.50
Aggregated £1.731000 5,500 £9,520.50
                 

  

                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Valeryane Elphick
     

2 - Reason for the notification

Position/status Spouse of Jason Elphick - Group General Counsel and Company Secretary
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  20 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 

Acquisition
  Price Volume Total
£2.26516 8,608 £19,498.50
Aggregated £2.26516 8,608 £19,498.50
                 


                 

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Mary McNamara  
     

2 - Reason for the notification

Position/status Non-Executive Director
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 

Acquisition
  Price Volume Total
£1.73 17,000 £29,410
Aggregated £1.73 17,000 £29,410
                 


                 

  1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person Paul Whittaker  
     

2 - Reason for the notification

Position/status Spouse of Mary McNamara - Non-Executive Director
   
Initial notification/amendment Initial Notification

 

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity OneSavings Bank plc
   
Legal Entity Identifier code 213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

  Date of Transaction Financial Instrument Identification Code Place of Transaction Currency
  19 March 2020 Ordinary shares of £0.01 each GB00BM7S7K96 London Stock Exchange, Main Market (XLON) GBP – British Pound
  Nature of Transaction:

 

Acquisition
  Price Volume Total
£1.73 27,500 £47,575
Aggregated £1.73 27,500 £47,575
                 


                 

Enquiries:

OneSavings Bank plc
Nickesha Graham-Burrell,                                               t: 01634 835 796
Head of Company Secretariat   

Brunswick                                                       
Robin Wrench / Simone Selzer                                        t:  020 7404 5959

Notes to Editors

About OneSavings Bank plc

OneSavings Bank plc (OSB) began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired Charter Court Financial Services Group plc (CCFS) and its subsidiary businesses. OSB is a specialist lending and retail savings Group authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

OneSavings Bank

OSB primarily targets market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities. These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending, secured funding lines and asset finance.

OSB originates mortgages organically via specialist brokers and independent financial advisers through its specialist brands including Kent Reliance for Intermediaries, InterBay Commercial and Prestige Finance. It is differentiated through its use of highly skilled, bespoke underwriting and efficient operating model.

OSB is predominantly funded by retail savings originated through the long-established Kent Reliance name, which includes online and postal channels as well as a network of branches in the South East of England. Diversification of funding is currently provided by securitisation programmes, the Term Funding Scheme and the Bank of England Indexed Long-Term Repo operation.


Charter Court Financial Services Group

CCFS focuses on providing Buy-to-Let and specialist residential mortgages, mortgage servicing, administration and credit consultancy and retail savings products. It operates through its three brands – Precise Mortgages, Exact Mortgage Experts and Charter Savings Bank.

It is differentiated through risk management expertise and best-of-breed automated technology and systems, ensuring efficient processing, strong credit and collateral risk control and speed of product development and innovation. These factors have enabled strong balance sheet growth whilst maintaining high credit quality mortgage assets.

CCFS is predominantly funded by retail savings originated through its Charter Savings Bank brand. Diversification of funding is currently provided by securitisation programmes, the Term Funding Scheme and the Bank of England Indexed Long-Term Repo operation.


a d v e r t i s e m e n t