Scarborough Building Society has agreed to acquire the entire issued share capital of Portman Building Society's Guernsey-based offshore deposit-taking business, Portman Channel Islands (PCI).
PCI has a geographically diverse deposit book of circa £600m and approximately 8,000 customers. The transaction is expected to be completed by the end of April 2007, subject to the necessary regulatory approvals. Following a strategic review of Portman’s approach to retail deposit-taking, which was announced in November of last year, it was concluded that PCI was no longer core to the Portman Group’s activities. Following completion of the transaction, PCI will be rebranded and will, subject to approval, continue trading as Scarborough Channel Islands. Scarborough has confirmed that PCI...
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