London Stock Exchange welcomes Secure Trust Bank Plc to the Main Market
London Stock Exchange welcomes Secure Trust Bank plc to the Main Market following the Company’s move from the Alternative Investment Market (AIM) today.
The decision to move onto the Main Market is a logical step for the Company following the change in the relationship with Arbuthnot Banking Group and the growth in the business since it listed on AIM in 2011. In addition, joining the Main Market provides more liquidity in the Company’s shares, increases flexibility of funding, improves the range of strategic options available to the Company and raises the corporate profile of the Bank.
Secure Trust Bank is a well-established UK bank, which was incorporated in 1954 and operates from Solihull, West Midlands. Between 1985 and 2016, the Company was a subsidiary of the Arbuthnot Banking Group and listed on the Alternative Investment Market (AIM) in 2011. The Company announced in June this year that it intended to apply for admission to the Main Market of the London Stock Exchange and this has been confirmed today.
Secure Trust’s core business is the provision of banking services, including a range of lending solutions and savings products. The Company has increased its portfolio in recent years, acquiring V12 Finance Group in 2013 as well as the trade and certain assets of the Debt Managers Group in 2013. In 2016, the Company sold its unsecured consumer lending arm, Everyday Loans, to Non-Standard Finance for £235 million.
Sir Henry Angest, Chairman, said:
“It is almost exactly five years since the Bank’s IPO on AIM on 2 November 2011. The move from AIM, which has served us well, to a premium listing on the main market of the London Stock Exchange is a natural progression and positions the Group for its next phases of growth which will continue to be built around the three strategic priorities of organic growth, diversification and M&A activity.”
Paul Lynam, Chief Executive, said:
“Secure Trust Bank has been in business since 1952 and since our IPO on AIM on 2 November 2011, we have delivered total shareholder returns of nearly 300%. Today’s Listing on the Main Market is another very important milestone in our development. I congratulate all of my colleagues on this considerable achievement. The Directors continue to believe that over time Brexit will create more opportunities than threats for well-funded and well capitalised smaller banks. We look to the future with confidence.”