"An important milestone and a positive development for our customers and intermediaries."
The Paragon Group of Companies PLC, the parent company of Paragon Mortgages and Mortgage Trust, has folded into Paragon Bank after a strategic review which will see it source the majority of its funding from the retail deposit market.
The Group will also change its name to Paragon Banking Group PLC as it becomes a fully integrated banking business.
John Heron (pictured), who will continue to lead the group’s mortgage business as managing director – mortgages and as an executive director at Paragon, said: “This is an important milestone and a positive development for our customers and intermediaries.
“By bringing more of our business into the banking framework, we can use our capital more efficiently and simplify our operating structure enabling us to offer better products, more competitive pricing and better service going forward.”
