Premier League clubs help Secure Trust Bank achieve its goals
SOLIHULL-based Secure Trust Bank has been boosted by a tie-in with clubs in football’s Premier League.
In a pre-close trading update ahead of its preliminary results the bank said a number of Premier League clubs had agreed to use its V12 retail finance service to provide their season ticket funding for next season.
The bank said a season ticket finance proposition has also been developed for travel and one of the UK’s rail franchises would begin to promote this offering very shortly.
The group said it had been investing in its retail finance business and had seen a number of other important positive developments during the year, including the agreement of a new five-year contract with the Association of Cycle Traders and a renewal of a term contract with Evans Cycles.
It added the pipeline of opportunities being explored by V12 continued to expand.
In overall terms, the bank said trading had been strong in the last quarter of 2013 and as a result it expected pre-tax profit to be in line with market expectations.
“The group further notes that demand for its deposit products remains strong and continues to attract new fixed rate deposits with three, five and seven-year maturities, which are attractively priced for both the group and the customers. This strategy provides robust term funding and positions the balance sheet to cover a scenario where interest rates rise faster than some are currently forecasting,” it said.
The bank said that it entered its 60th year since incorporation with strong capital and liquidity positions, a clear strategy to maximise the potential of its existing retail finance, motor and personal unsecured lending activities while diversifying into secured lending areas to broaden the group’s overall business. In addition, it said it continued to work on an on-going pipeline of organic and external business opportunities.
It is expected to announce its result for the year ended December 31, 2013 on March 20.