Secure Trust considers Funding for Lending route
SOLIHULL-based Secure Trust Bank (STB) is considering joining the Government’s Funding for Lending scheme.
It says it is giving “due consideration” to the extent, if any, it accesses the discounted funding available.
The scheme was introduced by the Government to help banks to lends money to individuals and businesses.
STB says it traded well during the quarter ending September 30. Demand for lending and deposit products remained strong.
It continues to enjoy favourable funding conditions. Its most recent deposit raising was successfully concluded after raising more than £36m in the first eight days in August.
On the negative side STB reports that, like other banks, it is being inundated with “entirely spurious” claims originated by claims management companies.
“The operational impact of having to respond to huge volumes of baseless claims is an unwelcome distraction,” it said.
In September STB became the first bank in the UK to be awarded the Customer Service Excellence Award. Then, in October, it was awarded a four star Fairbanking Mark for its current account.
“These positive achievements mark the culmination of 18 months of hard work to improve the way in which STB interacts with its customers and the quality of the range of services it provides,” the bank said.
STB says the Everyday Loans business has been successfully integrated with the group. A new branch has now opened in Middlesbrough and others will follow.
“The costs associated with opening new branches are relatively modest and they typically become profitable within 12 months,” it said.
