3 April 2020
OneSavings Bank plc (the ‘Group’)
Update on payment of 2019 final dividend
In order to help us to serve the needs of businesses and households through the extraordinary challenges presented by Coronavirus (COVID-19), the Board of OneSavings Bank plc (the ‘Board’) has decided to cancel the payment of the final 2019 dividend in relation to ordinary shares, payable on 13 May 2020. Accordingly, resolution 5 in relation to the declaration of this dividend will be withdrawn from the Annual General Meeting, which is scheduled to take place on 7 May 2020. The Board will continue to assess the appropriateness of dividend payments and decide on any dividend policy and amounts at year-end 2020.
The Group remains highly liquid and well-capitalised, and on a pro forma basis, excluding the final dividend for 2019, the CET1 ratio would have been c.0.6% higher at c.16.6% as at 31 December 2019.
OneSavings Bank plc
Alastair Pate t: 01634 838 973
Robin Wrench/Simone Selzer t: 020 7404 5959
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
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.
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.
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