The bank announced that it intends to proceed with an initial public offering of ordinary shares in Shawbrook Group plc and hopes to apply for admission of its ordinary shares to the premium listing segment of the Official List maintained by the FCA.
The news comes just after Aldermore Bank celebrated its entrance to the LSE with shares increasing by 15 per cent since trading commenced last Tuesday.
Shawbrook’s public offering will comprise an offer of Ordinary Shares to institutional and professional investor including institutional buyers in the US.
The group has been funded primarily through retail deposits.
Chief Executive Officer of Shawbrook, Richard Pyman, said: “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.
The bank managed to increase customer loans by over £900 million to £2.3 billion in the year to 31 December 2014. Also, an underlying profit before tax of £49.1 million was achieved.
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