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Shawbrook declares intention to float

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  • 12/03/2015
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Shawbrook declares intention to float
Specialist lender Shawbrook has joined the ranks of challenger banks listing on the stock exchange in recent weeks and announced its own plans for an initial public offering (IPO).

The bank expects to raise gross proceeds of approximately £90m from the offer and expects to have a free float of at least 25% of its issued share capital.

Just this week Aldermore released over 39 million new shares onto the market on its first day of conditional trading after it abandoned plans to list on the London Stock Exchange in October.

Shawbrook bases its business model on lending to consumers in sectors that are underserved by traditional high-street banks and operates in five divisions: commercial mortgages, asset finance, business credit, secured lending and consumer lending.

Richard Pyman, CEO of Shawbrook, said: “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.

“It has enabled us to build a diversified, well-collateralised and growing book, increasing customer loans by over £900m to £2.3bn in the year to 31 December 2014, while achieving an underlying profit before tax of £49.1m, all supported by a prudently structured retail deposit funding base.”

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