Challenger bank Cynergy seeks £1bn valuation in minority sale
Sky News has learnt that Cynergy Bank, which specialises in lending to SMEs, has appointed Perella Weinberg Partners, the investment bank, to identify prospective new investors.
Money latest: 'Sin taxes', pensions raid and 'stealth' income tax rise on way, say top economists
Spun out of Bank of Cyprus, Cynergy Bank has been trading under its current name since 2019.
It has been growing rapidly amid a slew of disrupters to enter the small business banking space since the last financial crisis.
Among Cynergy Bank's peers are Allica Bank, Oaknorth and Starling Bank.
To date, it has lent more than £4bn to business customers.
One source close to the minority sale process said the proceeds would be used in part to provide growth capital to the company, with existing shareholders also expected to take some money off the table.
Cynergy Capital, which bought the business from Bank of Cyprus for just over £100m, is backed by investors including Pradip Dhamecha (OBE), Balbinder Sohal, John Coulter and Ann Jones.
Read more from Sky News:
The bank is now likely to be valued at between £750m and £1bn in any new transaction, although insiders cautioned on Tuesday that a deal was not certain to be struck.
A formal investment process will get under way in September.
A spokesman for Cynergy Bank, which is the official banking partner of Premier League side Brentford, declined to comment.
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For more information on how to listen, please visit the investor section of There will be a conference call for media at 16.00 CEST, which corresponds to 10.00 am EST. Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 77,400 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit Facebook, Instagram, X, LinkedIn and YouTube. Contacts for further information Media: Ambre James-Brown +45 3079 9289abmo@ Liz Skrbkova (US)+1 609 917 0632lzsk@ Investors: Jacob Martin Wiborg Rode+45 3075 5956jrde@ Sina Meyer +45 3079 6656azey@ Max Ung+45 3077 6414 mxun@ Frederik Taylor Pitter +1 609 613 0568fptr@ Publication of inside information pursuant to Market Abuse Regulation, Article 17 Company announcement No 19 / 2025 Attachment CA250729-CEO-succession
