Competition authorities to examine £1.6bn merger

The Competition and Markets Authority (CMA) is examining the planned £1.6bn merger of OneSavings Bank and Charter Court.

In March, Wolverhampton-based Charter Court revealed plans to merge the two businesses, with its shareholders taking a 45% stake in the combined group.

At the time Charter Court’s chairman Sir Malcolm Williamson said: “The strategic fit of the two banks is compelling and will bring together complementary strengths and capabilities to enhance our customer proposition and create a leading specialist lender that is very well positioned to deliver sustainable returns and take advantage of future growth opportunities.”

The CMA is now inviting comments as it examines if the merger would be expected to result “in a substantial lessening of competition”.

Charter Court employs around 650 people in Wolverhampton. It provides mortgages and savings accounts through its Exact Mortgage Experts, Precise Mortgages and Charter Savings Bank brands.