RNS Number:2655V
Scarborough Building Society
20 April 2007




          SCARBOROUGH COMPLETES PURCHASE OF CHANNEL ISLANDS SUBSIDIARY


The Scarborough Building Society Group (Scarborough) today announced completion
of its acquisition of the former Portman Building Society offshore deposit
taking business Portman Channel Islands Limited. The business will now be known
as Scarborough Channel Islands Limited (SCIL). SCIL has a geographically diverse
deposit book of circa #600 million and approximately 6,000 customers.

Announcing completion of the deal, Scarborough Chief Executive, John Carrier,
spoke of SCIL's plans to expand and develop what is already a successful
business, now that it is part of the Scarborough Group.

Mr Carrier explained that future plans include using a blend of competitive
pricing, product innovation and the development of new markets.

SCIL has reassured existing customers that the terms and conditions of their
accounts will not change, and that a parental guarantee from Scarborough
replaces the parental guarantee from Portman Building Society. This means that
SCIL customers will continue to enjoy the security of the parental guarantee of
a top 20 UK building society. SCIL will be writing to all existing customers in
the next few days.

Scarborough is also pleased to confirm that SCIL's existing management team and
staff, headed by Managing Director Stephen Le Poidevin, will continue in their
roles and will be instrumental in the development and expansion of the business.

Robin Litten, Scarborough's Finance Director, and Andrew Holmes, Operations
Director & Secretary, will replace the two Portman Building Society Directors on
the SCIL Board as Non Executive Directors, while Stephen Jones will continue as
Chairman.

SCIL will enhance the Scarborough Group's strategy of growth and
diversification, adding to its existing suite of complementary businesses.

Scarborough Chief Executive John Carrier said: 'I am delighted to announce the
successful completion of our acquisition of our new offshore company SCIL.

'The future prospects of this business and the offshore market in general
present very real opportunities and we are looking forward to supporting the
existing Guernsey based team in developing new products and service offerings
which will appeal to existing customers and attract new ones.

'The acquisition adds a significant additional strand to our already diverse
business model and will further enhance the success and profitability of our
Group, which will benefit customers and members alike.'

Stephen Le Poidevin, SCIL's Managing Director, added: 'The offshore arena
presents a raft of opportunities for the development of new products and service
propositions and, ultimately, expansion into new markets.

'Scarborough has an impressive reputation in the UK and has ambitious plans for
supporting the enhancement of SCIL for the benefit of both existing and new
customers. This is an exciting time for me and my SCIL team to be at the
forefront of these developments'.

20 April 2007




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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