New bank Shawbrook set to float
NEW bank Shawbrook said it plans to list on the London Stock Exchange to raise £90m to support future growth and enable it to challenge established lenders.
Shawbrook, which is one of a number of new banks to have emerged since the 2008 financial crisis, is chaired by 75-year-old banking veteran Sir George Mathewson, who led RBS.
Chief executive Richard Pyman said: “We are delighted to announce our intention to float which marks the next stage in our growth story. In the four years since our foundation, we have built a business that provides UK customers with a fresh, pragmatic approach to lending and savings built on traditional values of respect, care, good sense and thoughtful judgement.
“Our focus on specialist teams, working in carefully selected markets and with a human approach to decision-making to deliver excellent customer service, has enabled us to develop a clearly differentiated business with impressive returns. We believe we are well-positioned to achieve long-term sustainable growth and that Shawbrook will become an increasingly well-known name in the specialist world of British banking.”
Shawbrook currently lends to just over 60,000 small and medium-sized enterprises and consumers in the UK. It increased customer loans by 70% to £2.3bn in 2014.
Shawbrook’s move came days after shares in Aldermore made their debut on the stock market, valuing the business at more than £650m. The bank has 300 of its 875 employees in the North West based at offices in Manchester and Wilmslow.
