OneSavings gets ready to shop for rival lenders

The boss of challenger bank OneSavings sees himself at the “sharp end” of industry takeover moves after soaring loan growth last year.

The bank — which targets professional landlords through its Kent Reliance brand — grew its loan book 16% to £5.9 billion last year, and has kept up the momentum in 2017 with “very strong application levels”, despite the Brexit vote, chief executive Andy Golding said.

Golding is also looking to weigh into the deal-making among challenger bankers which has seen TSB snapped up by Spain’s Sabadell and Shawbrook recently reject an £825 million takeover offer from its biggest shareholder, private equity firm Pollen Street.

Golding said: “We have made no secret of the fact that we do see opportunities for consolidation over time. I would like to be at the sharp end of that consolidation.”

The banking boss, whose Kent Reliance brand is a partner of Great Ormond Street Hospital, potentially has his eye on an asset finance business.

“I like secured lending,” he added.

Pre-tax profit rose 29% to £137 million.

Shares eased 3.9p to 415.4p today, but have more than doubled since the vote to leave the European Union.