REG-ONE Savings Bank PLC : Acquisition and securitisation of UK first charge mortgages <Origin Href="QuoteRef">OSBO.L</Origin>

OsbAnnouncement

22/02/2016 18:30

OneSavings Bank plc 
 
 ("OSB or the "Company") 
 
 Acquisition and securitisation of UK first charge mortgages 
 
 Rochester Mortgages Limited (a subsidiary of OneSavings Bank plc) has entered
into a mortgage sale agreement to acquire approximately £396mm of UK
residential mortgage loans (£403mm as at the cut-off date of 31 October 2015)
from DB UK Bank Limited (a subsidiary of Deutsche Bank, AG). Completion of the
acquisition is conditional upon OneSavings Bank plc establishing an
off-balance sheet securitisation vehicle, which will acquire approximately
£374mm of the mortgage loan portfolio (£381mm as at the cut-off date of 31
October 2015). OneSavings Bank plc will keep approximately £22mm of the
portfolio on balance sheet to comply with the retention requirements of each
of Article 405 of Regulation (EU) No 575/2013, Article 51 of Regulation (EU)
No 231/2013 and Article 254 of Regulation (EU) 2015/35 and will act as the
co-arranger and master servicer of the securitisation. Morgan Stanley will
also act as the co-arranger of the securitisation. 
 
 The Transaction is in the ordinary course of the Company's business and the
acquisition of the retained mortgage loans will be satisfied by cash from the
Company's resources. 
 
 Deutsche Bank AG and its affiliates expect to purchase notes and residual
certificates in the securitisation and may seek to sell such notes and
certificates to third party investors. 
 
 Enquiries: 
 
 OneSavings Bank plc 
 
 Alastair Pate t: 01634 838 973 
 
 Brunswick Group 
 
 Robin Wrench / Simone Selzer t: 020 7404 5959 
 
 About OneSavings Bank plc 
 
 OneSavings Bank plc ('OSB') began trading as a bank on 1 February 2011 when
the trade and assets of Kent Reliance Building Society ('KRBS') were
transferred into the business. 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 focuses on selected sub-sectors of the lending market in which it has
established expertise, platforms and capabilities, and where opportunities
have been identified for both high returns on a risk-adjusted basis and strong
growth. These include Residential Mortgages (comprising first charge, second
charge and shared ownership), Buy-to-Let/SME and Personal Loans. OSB
originates organically through specialist brokers and independent financial
advisors. 
 
 OSB is predominantly funded by retail savings originated through the
established Kent Reliance franchise, which includes a network of branches in
the South East of England, as well as online and postal channels.
Diversification of funding is currently provided by a securitisation and OSB
joined the Funding for Lending Scheme in early 2014. 
 

 This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients. 
 The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein. 
 Source: ONE Savings Bank PLC via Globenewswire 
 HUG#1988266