Mon, 20 Feb 2017 | BUSINESS SALE
Skipton Building Society has reportedly put a £250 million portfolio of mortgage loans issued under its Amber Homeloans brand up for sale.
According to Sky News, the Skipton, the fourth-largest building society in the UK, has appointed investment bank Morgan Stanley to source potential buyers.
The sale process is “already underway”, it is reported, and largely relates to a non-performing portfolio issued under the Amber brand. Specialist financial investors are thought to be among the interested parties.
The Skipton is one of the UK's biggest financial mutuals, with more than 838,000 customers. In its latest financial results the society 2016 half-year pre-tax profits had risen to £76.8 million, up from £72.1 million in the same period in 2015.
Last July David Cutter, the Skipton’s chief executive, said “economic uncertainty” caused by the result of the EU referendum had made it “more difficult to forecast trading conditions in the short to medium term, in particular any movements in bank base rate and any impact on housing transactions and house prices”.
In August 2016 the mutual, which also owns the estate agency Connells, announced plans to offer face-to-face financial advice after being granted regulatory approval to integrate its wholly-owned financial subsidiary Skipton Financial Services Ltd into Skipton Building Society.
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