United Trust Bank: Lending contraction likely after Brexit

Ryan Bembridge

July 8, 2016

Leaving the European Union will see lending contract in some quarters, United Trust Bank managing director Harley Kagan (pictured) has signalled.

However he reassured brokers that UTB is in “very good shape” and will be “largely immune” to currency fluctuations.

Kagan said: “After the uncertainty which preceded the referendum, it would seem that more lies ahead. Having closely monitored the immediate fall-out from the decision to leave the EU, we are confident that United Trust Bank is very well prepared for the future.

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“UTB is a well-established bank with strong, stable and reliable funding. We also only transact in sterling which means that we remain largely immune to direct fluctuations in the currency markets. In short, we are in very good shape to continue providing the excellent, reliable service brokers and their customers have come to expect from us.

“Over the coming months the implications of the decision to leave the EU will become clearer and there may be some contraction of lending in some quarters. At United Trust Bank we remain very positive about the outlook for our industry.

“We will strive to deliver the plans we put in place at the start of the year and will continue to support businesses and individuals with their funding needs. We stood by our customers and increased our lending throughout the credit crunch. It’s our intention to do so again throughout the Brexit.”

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