Barclays Acquires UK Specialist Lender Kensington Mortgage Company.
MANews-(C)2009-2022
UK-based bank Barclays plc's (NYSE: BCS) Barclays Bank UK plc business has agreed to acquire UK specialist mortgage lender Kensington Mortgage company Ltd. from companies controlled by funds managed by Blackstone Tactical Opportunities Advisors L.L.C. and funds affiliated with Sixth Street Partners LLC, the company said.
KMC is a UK specialist residential mortgage lender providing mortgages via brokers to borrowers with complex incomes.
It uses proprietary technology, data analytics and insight to design products and make lending decisions, focusing on the self-employed and customers who have multiple or variable incomes.
The business is based in Maidenhead, has approximately 600 employees and also services mortgages for other parties.
The acquisition will enable Barclays to broaden its product offering and capabilities in the UK mortgage market, extend the number of customers we can serve and grow mortgage originations to better utilise our strong UK funding base.
Historically KMC did not hold mortgages on its balance sheet, however following completion of the transaction KMC will retain the majority of mortgages that it originates.
KMC originated approximately GBP 1.6bn of mortgages (excluding retentions) in the year ended 31 March 2022.
The transaction is subject to regulatory approval...
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