Shawbrook set for £90m flotation
The Essex-based lender is set to follow fellow challenger bank Aldermore, which was listed on Tuesday.
Shawbrook expects to float at least 25% of its issued share capital, while the bank’s directors, employees and senior management will also sell shares.
Richard Pyman, chief executive of Shawbrook, said: “We are delighted to announce our intention to float which marks the next stage in our growth story.
“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.
“We believe we are well-positioned to achieve long-term sustainable growth and that Shawbrook will become an increasingly well-known name in the specialist world of British banking.”
Shawbrook holds a £2.3bn loan book, which increased by £900m in the year to December 31 2014, while the bank achieved profits before tax of £49.1m last year.