Capital One to close homeowner loans unit

Capital One Bank (Europe), owned by US-based financial services group Capital One, has confirmed it is closing its UK homeowner loans operation. As a result some 230 jobs are to go.

Sanjiv Yajnik, principal managing director of Capital One Bank (Europe), said that while the decision to shut the Macclesfield, Cheshire-based unit - which specialises in selling remortgage products and homeowner secured loans to customers with impaired credit histories - had been a difficult one, it is no longer seen as a strategic fit for the Capital One business, going forward.

Yajnik added that despite the closure Capital One remains committed to building its business UK and will continue to offer ‘innovative and market leading’ products to customers.

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