It has been reported that the Principality Building Society is looking to sell its second charge business Nemo Personal Finance.
According to Sky News, Wales’s largest mutual is looking for offers in the region of £700m for the secured loan provider.
It is understand that the Principality board is looking to sell Nemo before the Financial Conduct Authority (FCA) takes responsibility for the regulation of second charge mortgages in 2016.
In March this year Nemo celebrated its 10th anniversary.
Founded in 2005, Nemo has grown its customer base from 6,000 in its first year of trading to over 21,000 today.
