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Challenger bank Charter Court targets high returns

Challenger bank Charter Court targets high returns

Given market rumblings about a potential peak in UK house prices, it may seem an odd time for a mortgage lender to come to market. Challenger bank Charter Court Financial Services (CCFS) doesn’t seem to think so, listing on the premium segment of the main market this week. The specialist lender raised £20m in new funds, with majority shareholder Elliott Management selling down a chunk of its stake. This gave the specialist lender a market valuation of around £550m, equivalent to 230p a share upon admission.

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