Paragon confirms it is considering Titlestone acquisition

Paragon Banking Group confirmed on Tuesday that it is in the early stages of considering a possible acquisition of residential development finance lender Titlestone.

"The purchase of loan books and bolt-on businesses represents a core part of Paragon's growth and diversification strategy," the company said, responding to an earlier report by Sky News suggesting that it had begun exclusive talks to buy Titlestone from private equity firm Oaktree.

Paragon said there is no certainty that an agreement will be reached, nor as to the term of such an agreement. It will update the market as appropriate.