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Secure Trust Bank to reinvest debt management portfolio proceeds following Intrum sale

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  • 31/05/2022
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Secure Trust Bank to reinvest debt management portfolio proceeds following Intrum sale
Secure Trust Bank has sold its portfolio of loans from its subsidiary debt managers to Intrum UK Finance.

The gross value of the portfolio as at 30 September 2021 was £84.7m and the value of the consideration was £94m. 

The bank said the sale would generate a profit before tax net benefit when accounting for market exit costs. 

This is expected to release around £72m of risk weighted assets which will be reinvested into Secure Trust Bank’s remaining specialist lending business and other corporate purposes. 

The bank exited the residential mortgage market in July last year to focus on its specialist lending business. 

In its results for 2021, it doubled its new business lending to real estate finance borrowers from £189.5m to £376.1m. 

Revenues also rose by 1.5 per cent to £54.8m as the loan book mix moved towards investment loans and away from higher margin development loans. It attributed its performance to its “refined strategy” to become the  “most trusted specialist lender in the UK”. 

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Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors. Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies. This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector. She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021. In her spare time, Shekina likes to read, travel, listen to music and socialise with friends. She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content. Follow her on Twitter at @ShekinaMS

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