TML to invest in digital transformation
Following Shawbrook Bank’s acquisition of The Mortgage Lender (TML), the specialist lender now intends to invest in a digital transformation, according to Peter Beaumont, chief executive of TML.
Beaumont also outlined that TML plans to invest increasingly in its staff following the deal.
The relationship between TML and Shawbrook Bank originated three years ago, when it was hoped the good strategic fit would lead to further discussions.
Furthermore, TML already had a Shawbrook Bank non-exec on its board, which Beaumont explained eased the process of an acquisition as the key people involved had an established relationship with the specialist lender.
Beaumont went on to outline the bank and specialist lender complement each other well as they cover different aspects of the marketplace.
TML will retain its brand, however, the agreement will extend the Shawbrook Bank’s product range and increase its distribution network.
And, as a result of the agreement, TML should no longer be regarded as a non-bank lender following the deal, which secures its funding line in anticipation of potential tougher prudential requirements on non-bank lenders.