Latest news with #ShawbrookBank
Finextra
6 days ago
- Business
- Finextra
Nottingham Building Society names CTO
Nottingham Building Society, the mortgages and savings mutual, has announced that Russ Thornton has been appointed as its new Chief Technology Officer. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Russ initially joined the 176-year-old mutual in March 2025 as a strategic advisor in an interim capacity from Shawbrook Bank, a specialist bank where he spearheaded a comprehensive multi-year digital transformation, from creating the strategy and its roadmap to delivering its execution. He replaces Paul Howley, who departs in July following three successful years at the organisation following his appointment as the organisation's first ever Chief Technology and Transformation Officer in 2022. Russ brings 34 years of experience in leading digital transformations to drive business growth, having also held senior leadership positions at Cofunds, Legal & General, Aegon, and WorldRemit. He will now be responsible for the delivery of Nottingham Building Society's core banking and mortgage transformation strategies. Speaking about the appointment, Sue Hayes, Chief Executive Officer at Nottingham Building Society, said: 'Russ brings deep expertise and a proven track record of delivering digital transformation at pace and scale. Since joining us earlier this year, he's had a great impact, and I know he will continue to do so as he leads our transformation programme. 'He has successfully delivered complex transformation across banks, fintechs, and global financial services institutions, including most recently at Shawbrook, where his work played a key role in more than doubling the bank's loan book and deposits while radically improving digital experiences for customers and brokers alike. 'This is a pivotal moment for the Society pivotal as we prepare to launch new technology that will transform the mortgage experience for brokers, borrowers, and colleagues alike. Russ shares our values, our purpose, and our belief in building a modern mutual that serves real lives. 'With over three decades of experience, Russ has led enterprise-wide technology strategies, built and scaled high-performing engineering and product teams, and driven operational excellence through innovation. He brings not only technical depth, but also the leadership and cultural insight needed to embed lasting change that puts the customer first.' Sue added: 'We pass our thanks on to Paul Howley for everything he has done during his time with us. Paul's legacy is not only the systems and structures he helped deliver, but the culture he helped shape.' Russ Thornton added: 'I'm extremely excited to join the Society at such a transformative point to continue to deliver on its purpose and promise to its members and communities. That sense of purpose and its ambition to serve members who don't fit the traditional mould was really attractive to be part of. 'Under Paul's guidance, the team has made fantastic progress modernising its mortgage and savings platforms, and I'm looking forward to building on that momentum. My focus will be on ensuring we have the right capabilities, controls and culture in place to grow with confidence and deliver great outcomes for our members and broker partners.'
Reuters
23-07-2025
- Business
- Reuters
Business lender Shawbrook aims for UK listing this year, FT reports
July 23 (Reuters) - The private equity owners of Shawbrook Bank are moving forward with plans for the 2 billion pounds ($2.71 billion) initial public offering in London this year, the Financial Times reported on Wednesday. BC Partners and Pollen Street Capital, which own the British specialist lender Shawbrook, are preparing to list the company in London as soon as the second half of this year, the report said citing people familiar with the matter. FT had earlier reported that Shawbrook aimed for a 2 billion pounds valuation and had planned a float earlier this year before delays. The small business lender is adding more investment banks to its group of advisers, according to the report. Reuters could not immediately verify the report. BC Partners, Pollen Street and Shawbrook did not immediately respond to a request for comment outside regular business hours. Shawbrook's IPO will be a boost to the UK's capital markets, as a growing number of companies have shelved or shifted plans to list in London in recent years, with fast-fashion major Shein being the latest to walk away. The UK has revamped listing rules to make London more attractive for company listings and fundraising. ($1 = 0.7393 pounds)
Yahoo
15-07-2025
- Business
- Yahoo
Shawbrook Bank supports Portman Finance Group with $13m facility
UK-based Shawbrook Bank has structured a £10m ($13.4m) funding line to support Portman Finance Group's expansion into direct small and medium enterprise (SME) lending. The facility, arranged by Shawbrook's Specialist Finance team, will be used by Portman to 'scale up its business and broaden its facilities in the UK SME market'. Set up in 2007 by Alex Read, Portman has transitioned from a brokerage to a lender, supporting more than 20,000 SMEs with more than £1.5bn in funding since inception. The company also aims to broaden its SME loan offerings and assist with larger, longer-dated loans. Shawbrook's structured lending director Chris Clarke said: 'Right from the start, Portman's Board demonstrated they had built a strong, experienced group and their robust systems and data-led approach aligned perfectly with our vision. 'We believe that this funding line is only the start of a long and prosperous relationship, and we are pleased that Shawbrook have also joined the Portman Broker panel, which reflects our commitment to this client.' Shawbrook's specialist finance team collaborated with Portman's leadership, including founder Read, directors Simon Pratt and Ben Laidler, and finance director Mark Craigen, to create a tailored block facility. Read added: 'We are delighted to have Shawbrook as a partner as we look to grow and expand our offerings. This funding line is crucial for us to achieve our ambitious plans and to assist even more SMEs across the UK.' In a separate development, the British Business Bank announced a £10m investment in Shawbrook's £75m Tier 2 note issuance last month. The investment followed a previous £30m subscription to Shawbrook's Tier 2 note issuance in 2020. These investments are designed to support recipient banks in expanding their services and increasing finance supply to smaller UK businesses. With the capital raised through this issuance, Shawbrook plans to continue supporting growth in its specialist small business markets, reinforcing its role in the SME finance sector. "Shawbrook Bank supports Portman Finance Group with $13m facility" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-06-2025
- Business
- Yahoo
British Business Bank invests $13m in Shawbrook
The British Business Bank has announced a £10m ($13.3m) investment in Shawbrook Bank's £75m Tier 2 note issuance. According to the UK Government's economic development bank, its investment follows a previous £30m subscription to Shawbrook's Tier 2 note issuance in 2020. The lender's Tier 2 capital note investments are designed to support recipient banks in expanding their services, thereby increasing the supply of finance to smaller businesses in the UK. With the capital raised through this issuance, Shawbrook will continue supporting growth in its specialist small business markets. British Business Bank managing director of direct financial institution solutions Richard Bowen said: 'This £10m investment is our third Tier 2 investment in Shawbrook Bank and follows a £150m ENABLE Build transaction in 2024, extending a successful partnership since our first investment in 2015. 'I am delighted to continue our work together to support diversity within the small business finance markets, helping fuel the growth of smaller businesses across the UK.' Shawbrook Bank CFO Dylan Minto added: 'We are pleased to have successfully completed the issuance of £75m Tier 2 capital, strengthening our capital base to support our growth and strategic ambitions. 'We value the continued support from British Business Bank, with their long-term participation serving as a strong endorsement of our strategy and providing the capital foundation to further grow our SME lending, supporting businesses across the UK.' Last month, Shawbrook extended a £20m revolving credit facility to ScotLend, marking its first transaction with a Scottish-based lender. This facility aims to enhance ScotLend's presence in the bridging finance market across the UK. In the full year 2024, Shawbrook's loan book grew by 16% to £15.2bn, driven by strong demand in specialist commercial and retail markets. However, underlying profit before tax decreased to £294m from £302m in 2023. "British Business Bank invests $13m in Shawbrook" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Finextra
16-06-2025
- Business
- Finextra
Shawbrook Bank owner Pollen Street eyes up takeover of Metro Bank
Shares in Metro Bank have continued to climb in early-morning trading after it emerged that the UK lender may have been lined up for a takeover by private equity firm Pollen Street Capital. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Metro's share price was up 16.6% on reports that Pollen Street was eyeing up a potential combination with majority-owned Shawbrook Bank. Shawbrook's owners have intensified efforts to identify meger opportunities, having previously held talks with Starling Bank about a £5 billion tie-up. Metro Bank - which was an avid proponent of the branch banking model - became the first new lender to open on Britain's high streets in over 100 years when it launched following the 2008 financial crisis. However, the bank came close to insolvency after an accounting scandal in 2023 rocked the loss-making firm to its core. The struggling lender secured a £925 million rescue deal anchored by Colombian billionaire James Gilinski Baca and has since cut over a thousand jobs in a bid to stay afloat. UK specialist lender Shawbrook in January was rumoured to be weighing a sale or a London listing at a valuation of £2 billion. Any deal to take Metro Bank private would be a double blow to the London Stock Exchange, which has seen a fleet of firms depart from their primary or entire UK listing in favour of privatisation or overseas.
