UTB gains minority investment from Warburg Pincus
By Elliot TophamAn agreement has been made between United Trust Bank’s (UTB) majority shareholders and Warburg Pincus for the acquisition of a minority interest in the lender.
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The investment is aimed at supporting UTB’s growth and expansion into new products — the deal is pending regulatory approval.
The investment has valued the banking group at around £520m.
Warburg Pincus has invested over $15bn in over 125 companies across more than 20 European countries, while globally it has invested $25bn across 60 companies, with a particular focus on specialist banking and lending.
Commenting on the investment, Harley Kagan, CEO at UTB (pictured above), commented: “I am delighted that Warburg Pincus will be joining us as a new partner to help accelerate our growth and provide support and experience as the group heads for a £4bn balance sheet and explores exciting new products and markets in the future.
Mike Thompson, managing director at Warburg Pincus, added: “We are delighted to partner with UTB as an investor and a strategic partner. UTB has established itself as a market leader in the UK, with an impressive track record of growth and innovation.
“We look forward to working closely with Harley and his team to support the bank’s continued growth and leveraging the expertise of our financial services and capital solutions teams to help the company seize new opportunities in the UK market.”
Keywords: United Trust Bank, UTB, Warburg Pincus, minority interest acquisition, regulatory approval, £520m valuation, growth and expansion, £4bn balance sheet, specialist banking, lending, Harley Kagan, CEO