Investec sells Start mortgages
SPECIALIST bank Investec is to sell its sub-prime mortgage business Start Mortgages to an affiliate of private equity group Lone Star Funds.
The deal involves Start's brand, operations and employees. It also includes all of Start, and certain other Irish mortgage-related financial assets and liabilities.
It is believed that all of the jobs of the 70 staff are secure. They will move to the new business and continue to manage a total loan portfolio of €1.1bn.
For customers, it is understood existing contractual rights and repayment obligations will remain unchanged and any individual agreements with customers will be carried over.
The transaction is expected to take between two to three months to close.