The acquisition of Singers Asset Finance has helped Shawbrook, the lending bank backed in part by RBS Equity Finance, to break even 16 months after it launched.
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The bank, rebranded from Whiteaway Laidlaw after the purchase of secured lender Link Loans, was opened in October 2011 with the aim of lending £250m to UK SMEsin its first year and now holds loan assets of £600m across 18,000 loan customers.
The company also holds £725m in deposits from 18,500 savers and £850m in total assets, according to a statement from the firm.
Philip George, interim chief executive of Shawbrook Bank, said: Breaking even so soon is a huge achievement for Shawbrook.
We launched in 2011 at a tough time for the banking sector The response weve had since launch has been overwhelming.
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By GlobalDataGeorge singled out the acquisition of Singers Asset Finance as playing a significant part in the results, saying the purchase was a huge milestone for us and definitely accelerated our growth, expanding our range of secured lending products for SMEs.
Of the £600m currently in loan assets, £340m has come from Singers.
The acquisition in March catapulted Shawbrooks loan book from £150m to £500m and gave the bank a customer base of 25,000. At the time, the company stated its ambition was to lend over £700m on its book by the end of the year.
richard.brown@vrlfinancialnews.com
