By Mark Kleinman, City Editor
A former head of one of Britain's emerging 'challenger banks' is to take the helm of Kensington, the sub-prime mortgage lender, when it finalises a takeover by two Wall Street buyout giants.
Sky News understands that Ian Henderson, the former chief executive of Shawbrook, is to be installed in the same role at Kensington following its takeover by divisions of Blackstone and TPG.
The deal is expected to be announced to the London stock exchange on Tuesday morning, according to insiders.
It will see Kensington being acquired by Blackstone's Tactical Opportunities unit and TPG's TSSP special situations and credit platform for a price in line with City expectations.
Mr Henderson quit Shawbrook, which is among a group of fast-growing banks eyeing stock market listings, in April after fewer than 18 months in the role.
A former chief operating officer of Barclays Wealth, he also ran Royal Bank of Scotland's international arm for a period.
Kensington has been owned by the Anglo-South African financial services provider Investec since an ill-timed £283m deal in the summer of 2007, just as financial markets began to seize up.
Kensington was previously a publicly-listed company whose former chief executives include John Maltby, who is now leading an investment consortium which is buying a stake in 315 Royal Bank of Scotland branches.
Blackstone and TPG are understood to see significant opportunities to grow Kensington's business and are expected to make substantial amounts of capital available for it to do so.
Investec, which is the main sponsor of the England cricket team, signalled its intention to sell Kensington in February.
Blackstone and TPG are understood to have seen off competition from at least three other bidders for the business, one of which was said to be Lonestar, a specialist US property investor.
"With the ongoing recovery in mortgage lending and wholesale funding markets we believe that Kensington is now well placed to continue growing and that this growth potential may be better realised under different ownership," Stephen Koseff, chief executive of Investec, said at the start of the auction process.
Analysts say the bank should recoup the majority of its initial outlay, with Kensington's recent performance aided by the strength of the UK housing market.
The auction of Kensington, which is being handled by Fenchurch Advisory, comes amid increasing signs of an overheating housing market in London and the south-east.
Some of the UK's biggest banks have imposed fresh limits on mortgage lending in the capital in recent months.
Blackstone, TPG and Investec declined to comment.
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