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Britain's OSB flags possible credit loss over potential third party fraud

March 17 (Reuters) - Britain’s OSB Group said on Wednesday it had “very recently become aware of potential fraudulent activity” involving a third party it provides funding lines to and had hired forensic experts Smith & Williamson to investigate.

“Until the investigation has progressed sufficiently we will not know to what extent the receivable has been impaired,” the company, which was formed by the merger of OneSavings Bank and Charter Court Financial Services, said on Wednesday.

OSB Group said in a statement it could face a maximum potential credit loss of 28.6 million pounds ($39.8 million) as at 31 December 2020. ($1 = 0.7184 pounds) (Reporting by Muvija M in Bengaluru; Editing by Alexander Smith)

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