Shawbrook IPO: Challenger bank announces London listing plans

on Mar 12, 2015
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Challenger bank Shawbrook has this morning unveiled plans to float on the London Stock Exchange.

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**Highlights from the company statement:**
Shawbrook, a rapidly growing UK specialist lending and savings bank, today announces its intention to proceed with an initial public offering (the “Offer”) of ordinary shares in Shawbrook Group plc. It is intended that the Company will apply for admission of its ordinary shares (“Ordinary Shares”) to the premium listing segment of the Official List maintained by the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together “Admission”). The Offer will comprise an offer of Ordinary Shares to institutional and professional investors (including qualified institutional buyers in the United States).

Shawbrook provides loans to UK small and medium-sized businesses and consumers in sectors that are often poorly served by the large high street banks. It adopts a fresh, pragmatic approach to lending and savings built on the traditional values of respect, care, good sense and thoughtful judgement. The Group has established a diversified and well-collateralised business, operating in five lending divisions – Commercial Mortgages, Asset Finance, Business Credit, Secured Lending and Consumer Lending.

Shawbrook is proud to support the UK economy through a business model focused on the provision of prudent lending to over 60,000 small and medium-sized businesses and consumers in the UK.
Commenting on today’s announcement, Richard Pyman, Chief Executive Officer of Shawbrook, said:

“We are delighted to announce our intention to float which marks the next stage in our growth story. In the four years since our foundation, we have built a business that provides UK customers with a fresh, pragmatic approach to lending and savings built on traditional values of respect, care, good sense and thoughtful judgement.

“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 £900 million to £2.3 billion in the year to 31 December 2014, while achieving an underlying profit before tax of £49.1 million, all supported by a prudently structured retail deposit funding base.

“We believe we are well-positioned to achieve long-term sustainable growth and that Shawbrook will become an increasingly well-known name in the specialist world of British banking.”

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