IN BRIEF: Paragon Banking completes Specialist Fleet Services sale

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Paragon Banking Group PLC - Solihull, West Midlands-based mortgage lender and provider of personal loans and business financing - Completes the disposal of subsidiary Specialist Fleet Services Ltd to NRG Fleet Services Ltd. The transaction adds approximately £40 million to Paragon's net tangible assets and 0.5% to its common equity tier one ratio, as expected.

Paragon announced in late June that it had agreed to sell SFS to NRG for £85.6 million. It acquired the business, which provides municipal vehicle support and leasing services to local authorities and private waste operators, in 2015 as part of its takeover of Five Arrows Leasing Group Ltd.

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