Shawbrook Bank says it has reached break-even point under a year since it launched in October 2011, and 16 months after three financial businesses originally joined together to form what would become Shawbrook Bank.
Shawbrook was formed from three existing financial businesses – Whiteaway Laidlaw Bank (WLB), Link Loans and the lending platform of Commercial First. The lending platform of Commercial First and Link Loans became part of WLB in March 2011 and August 2011 respectively. In March 2012 Shawbrook acquired Singers Asset Finance to expand its lending offer to SMEs.
Shawbrook has loan assets of £600 million, £725 million in deposits and total assets of £850 million which represents a four-fold increase on the bank’s position when it launched in October 2011.
The bank has built a base of 18,000 loan customers and 18,500 savers.
“Breaking even so soon is a huge achievement for Shawbrook and a very exciting moment in our journey as a new bank,” said Philip George, Interim CEO of Shawbrook Bank.
“We launched in 2011 at a tough time for the banking sector, but we had absolute confidence in the public appetite for a bank that takes a no-nonsense approach to savings and lending. The response we’ve had since launch has been overwhelming.
“We know how difficult things are at the moment for small businesses who want to borrow. Each day we speak to hard working, credit-worthy SMEs who are struggling to find loans from the high street, even though they are in a position to grow. We believe in common sense lending. We’re committed to giving small businesses and individuals straightforward loans based on sensible decision making.”
George added: “Acquiring Singers Asset Finance was a huge milestone for us and definitely accelerated our growth, expanding our range of secured lending products for SMEs. It’s the rapid growth of the commercial and consumer lending arms of our business, the successful acquisition of Singers, good cost control and our united ambition that have enabled us to break even so soon.
“We have big plans for the future and will continue to offer straightforward products and an excellent customer service to support individuals and help small businesses to flourish and succeed.”