Five Arrows Outsourcing Solutions has been rebranded to Paragon Bank Outsourcing Solutions, following the business’ acquisition in November 2015 by Paragon Bank for £117m (€157.73m).

Formerly part of Five Arrows Leasing Group, owned by Rothschild and Co, it will continue to provide its products and services as Outsourcing Solutions from Paragon Bank.

The same process has occurred for Five Arrows Business Finance, which now operates as Paragon Bank Business Finance.

Paragon Bank, is a challenger launched in 2014, offering savings accounts direct to consumers and car finance, secured personal loans and buy-to-let mortgages through intermediaries.

Madeleine Bowd, managing director, Paragon Bank – Outsourcing Solutions, said: "Today is a really exciting day as it marks the beginning of a new chapter for us. We are joining Paragon Bank and in turn, Paragon Group, at a very exciting time as the business continues to grow and develop.

"We are looking forward to further developing our business and working with the team at Paragon Bank to look at new opportunities for the future.

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"For our customers, it is business as usual, all of the same people are here to help; the only changes are our new name and email addresses."

Paragon Bank’s managing director, Richard Doe, said: "I am delighted to welcome Five Arrows Outsourcing Solutions and Five Arrows Business Finance to Paragon Bank. We have admired them for many years and recognised them as market leaders in the provision of solutions to the UK and European asset finance sectors. The culture, philosophy and operating model is an excellent fit with Paragon Bank and we are looking forward to working with their management teams to support growth opportunities across the market."

Paragon Bank acquired Five Arrows Leasing from Rothschild and Co in October 2015 and the deal completed in November 2015.