The takeover of Portman Building Society's offshore deposit taking business, Portman Channel Islands, by Scarborough Building Society Group has been completed.
In March Portman announced Scarborough had agreed to acquire the entire share capital of the Guernsey based business which has a geographically diverse deposit book of around £600m with around 6,000 customers. Portman says it decided to sell the company after a strategic review of its approach to retail deposit-taking – announced in November 2006 - concluded PCIL was “no longer core to the Portman Group’s activities”. The business will now be known as Scarborough Channel Islands Limited (SCIL), with John Carrier, chief executive of Scarborough, confirming SCIL plans to expand and develo...
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