Shawbrook Bank plans to raise £90m (127m) through a London Stock Exchange listing due to take place in April 2015.
The money raised will be used to support prudent capital ratios as well as support further controlled growth in Shawbrooks existing market segments and possible expansion into new market sectors.
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Such a move was rumoured in 2014, though the challenger bank declined to comment on these rumours to Leasing Life at the time.
The bank provides loans and asset finance to UK small and medium-sized businesses and consumers in sectors that are often poorly served by the large high street banks.
Since its launch in 2011, Shawbrook has lent to over 60,000 small and medium-sized businesses and consumers in the UK.
In 2014 the company reported a 70% increase in customer loans compared to the previous year, reaching £2.3bn. In addition operating income was up 88% to £112.8m in the same period.
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By GlobalDataShawbrook’s floatation announcement came just days after another challenger bank, Aldermore, perfomed strongly during its first period in the stock market.
Aldermore priced its initial public offering (IPO) of 117,934,783 shares at 192 pence per share, giving it a total market value of approximately £651m (921.23m) at launch.
