Paragon Banking Group PLC (LON:PAG) has confirmed it is in the early stages of a possible acquisition of London property financer Titlestone.
The FTSE 250 buy-to-let property lender said there was no certainty of an agreement being reached nor the terms of such an agreement but that it would update when appropriate.
The group added that the purchase of loan books and bolt-on businesses represented a core part of its growth and diversification strategy.
The current balance sheet of Titlestone stands at around £600mln and would be one of Paragon’s largest recent acquisitions following a £725mln mortgage securitisation in April.
In mid-morning trading Tuesday, Paragon shares were up 1.3% at 534p.
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