Latest news with #OakNorth
Reuters
4 days ago
- Business
- Reuters
Jared Kushner's firm buys 8% stake in UK lender OakNorth, source says
Aug 15 (Reuters) - A private equity firm founded by U.S. President Donald Trump's son-in-law Jared Kushner has signed a deal to buy an 8% stake in British lender OakNorth, a person familiar with the matter told Reuters on Friday. The firm, Affinity Partners, was founded by Kushner in 2021 and has investments from funds in Saudi Arabia, Qatar and the United Arab Emirates. The investment company did not immediately respond to a request for comment. Sky News, which previously reported the development, said that Affinity acquired the OakNorth stake from an unidentified existing investor. OakNorth declined to comment. The SoftBank-backed (9984.T), opens new tab group, founded by Rishi Khosla and Joel Perlman in 2015, has in the past leaned towards a U.S. listing to expand its business. The news also comes amid growing interest around Trump and his affiliates' business ventures and talks of the U.S. government possibly taking a stake in Intel. OakNorth reported pretax profit of nearly 215 million pounds ($291.5 million) last year as it continued its expansion in the U.S., where it began operating by mid-2023 and has received licenses for a representative office in New York. Sky News said the value of the Affinity-OakNorth transaction was unclear. Reports have said the British lender was valued at about $2.8 billion in its latest funding round in 2019. OakNorth runs a business bank in Britain with more than 7.5 billion pounds in assets and supplies its technology to lenders elsewhere. In 2024, it had lent more than 2.1 billion pounds to customers. Its clients include F1 Arcade and personalised training provider Ultimate Performance. "Despite ongoing macro-economic challenges, we are bullish for 2025," OakNorth co-founder and CEO Rishi Khosla said in March after the company's 2024 report was published. SoftBank did not immediately respond to a Reuters request for comment. ($1 = 0.7376 pounds)
Yahoo
4 days ago
- Business
- Yahoo
Jared Kushner's firm buys 8% stake in UK lender OakNorth, Sky News reports
(Reuters) -Affinity Partners, a private equity firm founded by U.S. President Donald Trump's son-in-law Jared Kushner, has signed a deal to buy an 8% stake in British lender OakNorth, Sky News reported on Friday, citing industry sources. The companies did not immediately respond to Reuters' requests for comment. Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Yahoo
4 days ago
- Business
- Yahoo
Trump's son-in-law Kushner takes stake in UK lender OakNorth
The private equity firm set up by Jared Kushner, President Donald Trump's son-in-law, is to take a stake in OakNorth, the British-based lender which has set its sights on a rapid expansion in the US. Sky News has learnt that Affinity Partners, which has amassed billions of dollars in assets under management, has signed a deal to acquire an 8% stake in OakNorth. The deal is expected to be concluded in the coming weeks, industry sources said on Friday. Mr Kushner established Affinity Partners in 2021 after leaving his role as an adviser to President Trump during his first term in the White House. He is married to Ivanka, the president's daughter. Affinity manages money for a range of investors including the sovereign wealth funds of Qatar and Saudi Arabia. Insiders said that Affinity Partners was buying the OakNorth stake from an unidentified existing investor in the digital bank. The valuation at which the transaction was taking place was unclear, although OakNorth was valued at $2.8bn in its most recent funding round in 2019. OakNorth, which was founded by Rishi Khosla, is targeting substantial loan growth in the US in the coming years. Earlier this year, it agreed to buy Community Unity Bank (CUB), which is based in Birmingham, Michigan, in an all-share deal. The transaction is awaiting regulatory approval. OakNorth began lending in the US in 2023 and has since made roughly $1.3bn of loans. The bank is chaired by the former City watchdog chair Lord Turner, and is among a group of digital-only British banks which are expected to explore stock market listings in the next few years. Monzo, Revolut and Starling Bank are all likely to float by the end of 2028, although London is far from certain to be the destination for all of them. Similarly, OakNorth's ambition to grow its US presence means it is likely to be advised by bankers that New York is a more logical listing venue for the business. Launched in 2015, the bank is among a group of lenders founded after the 2008 financial crisis. Its UK clients include F1 Arcade and Ultimate Performance, both of which have themselves expanded into the US market. Its existing backers include the giant Japanese investor SoftBank, GIC, the Singaporean state fund, and Toscafund, the London-based asset management firm. Since its launch, OakNorth has lent around £12.5bn and boasts an industry-leading loan default ratio. Last year, it paid out just over £30m to shareholders in its maiden dividend payment. OakNorth has been growing rapidly, saying this year that it had recorded pre-tax profits of £214.8m in 2024, up from £187.3m the previous year. It made more than £2.1bn of new loans last year. On Friday, a spokesperson for OakNorth declined to comment.
Reuters
4 days ago
- Business
- Reuters
Jared Kushner's firm buys 8% stake in UK lender OakNorth, Sky News reports
Aug 15 (Reuters) - Affinity Partners, a private equity firm founded by U.S. President Donald Trump's son-in-law Jared Kushner, has signed a deal to buy an 8% stake in British lender OakNorth, Sky News reported on Friday, citing industry sources. The companies did not immediately respond to Reuters' requests for comment.
Sky News
4 days ago
- Business
- Sky News
Trump's son-in-law Kushner takes stake in UK lender OakNorth
The private equity firm set up by Jared Kushner, President Donald Trump's son-in-law, is to take a stake in OakNorth, the British-based lender which has set its sights on a rapid expansion in the US. Sky News has learnt that Affinity Partners, which has amassed billions of dollars in assets under management, has signed a deal to acquire an 8% stake in OakNorth. The deal is expected to be concluded in the coming weeks, industry sources said on Friday. Mr Kushner established Affinity Partners in 2021 after leaving his role as an adviser to President Trump during his first term in the White House. He is married to Ivanka, the president's daughter. Affinity manages money for a range of investors including the sovereign wealth funds of Qatar and Saudi Arabia. Insiders said that Affinity Partners was buying the OakNorth stake from an unidentified existing investor in the digital bank. The valuation at which the transaction was taking place was unclear, although OakNorth was valued at $2.8bn in its most recent funding round in 2019. OakNorth, which was founded by Rishi Khosla, is targeting substantial loan growth in the US in the coming years. Earlier this year, it agreed to buy Community Unity Bank (CUB), which is based in Birmingham, Michigan, in an all-share deal. The transaction is awaiting regulatory approval. OakNorth began lending in the US in 2023 and has since made roughly $1.3bn of loans. The bank is chaired by the former City watchdog chair Lord Turner, and is among a group of digital-only British banks which are expected to explore stock market listings in the next few years. Monzo, Revolut and Starling Bank are all likely to float by the end of 2028, although London is far from certain to be the destination for all of them. Similarly, OakNorth's ambition to grow its US presence means it is likely to be advised by bankers that New York is a more logical listing venue for the business. Launched in 2015, the bank is among a group of lenders founded after the 2008 financial crisis. Its UK clients include F1 Arcade and Ultimate Performance, both of which have themselves expanded into the US market. Its existing backers include the giant Japanese investor SoftBank, GIC, the Singaporean state fund, and Toscafund, the London-based asset management firm. Since its launch, OakNorth has lent around £12.5bn and boasts an industry-leading loan default ratio. Last year, it paid out just over £30m to shareholders in its maiden dividend payment. OakNorth has been growing rapidly, saying this year that it had recorded pre-tax profits of £214.8m in 2024, up from £187.3m the previous year. It made more than £2.1bn of new loans last year.
