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7 May 2014 15:20
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PRESS RELEASE
For immediate release
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7 May 2014
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SECURE TRUST BANK PLC
Annual General Meeting Statement - 2014
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The Board of Secure Trust Bank PLC ("Secure Trust") announces that shareholders approved all the resolutions proposed at the Annual General Meeting of Secure Trust held today Wednesday 7 May 2014.
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At the meeting the Chairman, Henry Angest, made the following statement:
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"Secure Trust continued to trade well during the first few months of the year with strong growth in overall new lending volumes.
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"The Motor and Retail Finance businesses continue to make good progress. Motor Finance had first quarter lending growth 15% higher than the same period in 2013, with March achieving a record volume of new lending. Retail Finance also achieved record levels of new business with the first quarter lending growth some 37% higher than the same period in 2013. This reflects the heavy investment in this business last year.
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"In the SME lending market we are seeing strong demand for our current offering and continue to see considerable potential in this market. Secure Trust Bank Real Estate Finance is now operational with a significant pipeline. We are increasing the pace of staff recruitment in light of the potential here to ensure that we capitalise upon this opportunity in a well-controlled manner. The development of the operational platform for the new Invoice Finance business is progressing satisfactorily and Secure Trust Bank Commercial Finance expects to begin writing business later this year.
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"Secure Trust Bank continues to work on a diverse pipeline of business development opportunities and we believe we are well positioned to make further positive progress during the year."
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-ENDS-
Secure Trust Bank PLC
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Notes to Editors
Secure Trust Bank is a longstanding established UK bank, having been incorporated in 1954. Its core business is to provide banking services including a range of lending solutions and savings products. The Group's diversified lending portfolio currently focuses on unsecured personal loans, motor and retail finance whilst its lending is entirely funded by customer deposits, with no exposure to wholesale funding. From July 2013, the Group was permitted to draw down facilities under the Funding for Lending Scheme (FLS). FLS monies are maintained as a liquidity buffer, above that required to support lending, reflecting the Group's cautious approach to risk. The group also provides current accounts to UK customers who may not be adequately served by other banks.
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The Group operates from its head office in Solihull, West Midlands and had 550 full-time equivalent employees at 31 December 2013. It has been a subsidiary of the Arbuthnot Banking Group since 1985. The Group successfully listed on the Alternative Investment Market in November 2011.
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The Group has increased its portfolio in recent years, acquiring the Everyday Loans Group and the V12 Finance Group in June 2012 and January 2013 respectively and the trade and certain assets of Debt Managers Holdings Ltd in January 2013 which are held in its subsidiary Debt Managers (Services) Limited.
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The Group has made significant progress with the development of its plans for the small and medium-sized enterprises (SME) lending market. The Group will invest to develop this business stream initially in two areas, asset based lending, specifically the invoice finance market, and commercial property lending.
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Clear opportunities to compete effectively in the invoice finance market have been identified. The larger banks, seeking to improve their capital efficiency, will encourage borrowers who are currently using overdrafts to use alternative funding products, increasing demand for asset based lending products in the wider market.
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The Group believes that the property market continues to be underserved as some of the larger banks deal with their legacy real estate portfolios.
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Secure Trust Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
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Secure Trust Bank PLC, One Arleston Way, Solihull, West Midlands, B90 4LH www.securetrustbank.comΒ
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Enquiries:
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Secure Trust Bank PLC | |
Henry Angest, Non-Executive Chairman Andrew Salmon, Non-Executive Director | Tel: 020 7012 2400 |
Paul Lynam, Chief Executive Officer Neeraj Kapur, Chief Financial Officer | Tel: 0121 693 9100 |
David Marshall, Director of Communications | |
Canaccord Genuity Limited(Nominated Adviser and Joint Broker) | Tel: 020 7523 8000 / 020 7665 4500 |
Roger Lambert Sunil Duggal Lucy Tilley | |
Oriel Securities Ltd (Joint Broker) | Tel: 020 7710 7600 |
Robin Mann Gareth Hunt Stewart Wallace | |
Bell Pottinger (Financial PR Advisers) | Tel: 020 7861 3232 |
Ben Woodford Dan de Belder |
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