Paragon  

Paragon in talks to takeover rival lender

Paragon in talks to takeover rival lender

Paragon has confirmed it is in the early stages of considering a possible takeover of Titlestone. 

A statement released this morning (8 May) by the banking group said no agreement has been reached yet but a further update will be published in due course.

Titlestone is a residential development finance lender and the acquisition is in relation to the purchase of loan books and bolt-on businesses.

This represents a core part of Paragon's growth and diversification strategy.

The statement read: "Paragon Banking Group notes the press speculation in relation to a possible acquisition of Titlestone, the residential development finance lender.

"The purchase of loan books and bolt-on businesses represents a core part of Paragon's growth and diversification strategy.

"Paragon confirms that it is in the early stages of considering a possible acquisition of Titlestone. There is no certainty of an agreement being reached nor as to the terms of such agreement. A further update will be provided as appropriate."

aamina.zafar@ft.com