Disposal - Sale of Business

RNS Number : 5280E

Secure Trust Bank PLC

08 July 2021

 

PRESS RELEASE

Secure Trust Bank PLC

LEI: 213800CXIBLC2TMIGI76

8 July 2021

For immediate release 

SECURE TRUST BANK PLC

Sale of SME Asset Finance Portfolio

The Board of Secure Trust Bank PLC ('STB') announces that on 6 July 2021 STB sold its remaining portfolio of SME asset finance agreements and equipment to Haydock Finance Limited.  

STB ceased originating this type of asset finance business in 2018 , running its lending balances down further from £10.4m at 31 December 2020.  The sale is in line with STB's strategy of focusing on the areas of the business that have the strongest prospects for delivering sustainable and profitable medium to long-term growth.

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Enquiries:

Secure Trust Bank PLC

David McCreadie, Chief Executive Officer

Rachel Lawrence, Chief Financial Officer

Tel: [phone]

Stifel Nicolaus Europe Limited (Joint Broker)

Robin Mann

Gareth Hunt

Stewart Wallace

Tel: [phone]

Canaccord Genuity Limited (Joint Broker)

Emma Gabriel

Tel: [phone]

About STB:

Secure Trust Bank is an established, well‐funded and capitalised UK retail bank with a 69 year trading track record. Secure Trust Bank operates principally from its head office in Solihull, West Midlands, and had 1,003 employees (full‐ time equivalent) as at 31 December 2020. The Group's diversified lending portfolio currently focuses on two sectors:

(i)  Business Finance through its Real Estate Finance and Commercial Finance divisions,

(ii)  Consumer Finance through its Motor Finance, Retail Finance Debt Management and Consumer Mortgages divisions.

 As at 31 December 2020 the Group's loans and advances to customers totalled £2,358.9 million, customer deposits totalled £1,992.5 million and the Group's total customer base was well over 1.5 million.

Secure Trust Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Secure Trust Bank PLC, One Arleston Way, Solihull, B90 4LH.

 Further information:

This announcement (including any information referred to in this announcement) contains statements which are, or may be deemed to be, "forward-looking statements". Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current

expectations and projections of STB about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. STB cannot give assurance that such expectations will prove to be correct. You are cautioned not to place any reliance on these forward-looking statements. Other than in accordance with its legal or regulatory obligations, STB expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

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