Full portfolio of loans worth £94m sold to Intrum

A subsidiary of the Secure Trust Bank has completed the sale of its portfolio of its loans to Intrum UK Finance.

The gross value of Debt Managers Services’ portfolio at 30 September 2021 was £84.7m and the value of the consideration for the portfolio as at 30 September 2021 was £94m.

Secure Trust Bank says that it expects that the sale will generate a net PBT benefit (taking into account anticipated market exit costs) in the current financial year and release around £72m of risk weighted assets, with the associated capital release being reinvested into Secure Trust Bank’s remaining specialist lending businesses and for other general corporate purposes.

The firm in March said it has “successfully navigated the impact of the Covid-19 pandemic and returned to growth across its businesses” in its financial full-year results.

Delivering strong growth, the Solihull-based bank announced its statutory profit before tax standing at £56m, in comparison to £19.1m in 2020.