ONESAVINGS BANK PLC Update On Payment Of 2019 Final Dividend
April 03 2020 - 1:00AM
UK Regulatory
TIDMOSB
LEI: 213800WTQKOQI8ELD692
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declaration of this dividend will be withdrawn from the Annual General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.
Enquiries:
OneSavings Bank plc
Alastair Pate t: 01634 838 973
Brunswick Group
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.
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.
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