Skipton Building Society Acquisition (4850R)

TIDM72FP

RNS Number : 4850R

Skipton Building Society

08 March 2021

FOR IMMEDIATE RELEASE

8 March 2021

COMPLETION OF THE ACQUISITION OF COUNTRYWIDE PLC BY CONNELLS LIMITED

Following the FCA's change of control approval on 24 February 2021 and the Court's sanctioning of the acquisition of Countrywide plc ("Countrywide") by Connells Limited ("Connells") under the Scheme of Arrangement on 4 March 2021, the acquisition of Countrywide by Connells (a subsidiary of Skipton Building Society) was completed today.

The cash consideration payable by Connells pursuant to the acquisition has been funded from an intra-group credit facility provided by Skipton Building Society to Connells. As Connells is outside Skipton Building Society's Prudential Group, the intra-group credit facility is risk weighted at 100% and this reduces Skipton Building Society's CET1 ratio reported as at 31 December 2020 from 39.7% to 37.3% on a pro-forma basis.

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March 08, 2021 05:16 ET (10:16 GMT)