High street challenger Shawbrook Bank exceeds £1bn lending
09 September 2013
Shawbrook Bank has exceeded £1bn in lending to SMEs and personal customers in the UK – the latest milestone in the bank’s growth story following its launch in 2011.
Shawbrook, a specialist savings and lending bank, broke even in May 2012 after only 16 months of trading. It went on to secure profit for each subsequent month of the year, resulting in an underlying profit of £2.6m for the year end, 2012.
Shawbrook has lent over £766 million to SMEs and almost £369 million to individuals across the UK, offeringcommercial mortgages and asset finance for SMEs and property investors; secured loans for individual customers; and consumer finance via home improvement suppliers, resorts and retailers who want to offer finance packages to their customers.
Loans are funded with deposits from UK savers, who receive competitive rates and an excellent customer service. Shawbrook currently has over 28,000 loan customers and more than 29,000 savings customers. As it exceeds £1bn in lending, Shawbrook’s focus will continue to be on controlled growth, offering SMEs and individuals a no-nonsense alternative to the high street banks.
Ian Henderson, CEO of Shawbrook Bank, said:
“While the high street banks continue their long struggle to address deep-rooted issues, we’ve been able to enter the market and appeal to increasing numbers of customers who are looking for something different – a bank that wants to lend, rather than claims to lend.
“Shawbrook launched in 2011, and our growth in that short time has been phenomenal. Supporting SMEs lies at the heart of our business and demand continues to be very high. As well as an ever-increasing number of new customers, we’re also seeing significant repeat business. This, for us, is testament to the need for a bank that offers a flexible and efficient approach to lending combined with outstanding customer service.”
Shawbrook uses a traditional savings and lending model, and does not operate a branch network. Instead, the majority of the bank’s lending is made through a network of carefully selected professional intermediaries, who are based across the UK and have an in-depth understanding of each customer’s needs.