Shawbrook Bank

British retail and commercial bank

Shawbrook Bank Limited

Company type	Limited company
Industry	Financial services
Founded	2011
Headquarters	London , England, UK
Key people	John Callender (Chairman) Marcelino Castrillo (CEO)
Products	Banking
Revenue	£386.1 million (2021)^[1]
Operating income	£197.2 million (2021)^[1]
Net income	£149.3 million (2021)^[1]
Parent	Shawbrook Group PLC
Website	www.shawbrook.co.uk

Shawbrook Bank Limited is a retail and commercial bank in the United Kingdom. It is an operating entity of Shawbrook Group plc which was listed on the London Stock Exchange until it was acquired by a consortium led by BC Partners and Pollen Street Capital in July 2017.

History

The bank launched in 2011 after private investors led by RBS Equity Finance, which was later spun off from the Royal Bank of Scotland Group and became Pollen Street Capital, bought Whiteaway Laidlaw Bank from the Manchester Building Society.^[2] Whiteaway Laidlaw Bank rebranded as Shawbrook Bank in October 2011.^[3]

Singers Asset Finance was acquired in March 2012 and then rebranded as Shawbrook Asset Finance in March 2013.^[4] The bank acquired asset based lender Centric Commercial Finance in June 2014 and subsequently rebranded it as Shawbrook Business Credit.^[5] The bank was the subject of an initial public offering in April 2015,^[6] raising £90m of cash to support the capital position and future growth.^[7]

A consortium led by BC Partners and Pollen Street Capital acquired the business for £868 million in July 2017.^[8]

In June 2023, Shawbrook Bank completed the acquisition of specialist lender Bluestone Mortgages Limited (BML) from Bluestone Investment Holdings.^[9]

In October 2023, it was revealed that Shawbrook had made a number of unsuccessful takeover offers for Metro Bank prior to that bank's successful capital raise on 8 October.^[10] At the same time it was also revealed that Shawbrook had made an offer for Co-op Bank.^[11] Co-op Bank had reportedly been looking for a buyer since April 2023, with a deadline set for early October 2023.^[12]

Operations

The bank offers loans to small and medium-sized businesses that are unable to obtain finance from the main commercial banks.^[6]

References

^ ^a ^b ^c "Annual Report 2021" (PDF). Shawbrook Bank. p. 175. Retrieved 11 July 2022.
^ "RBS deal for Whiteaway Laidlaw bank 'deeply worrying', says Chuka Umunna MP". The Telegraph. 1 February 2011. Retrieved 13 June 2015.
^ "Whiteaway Laidlaw Bank rebrands to Shawbrook Bank". Mortgage Strategy. 17 October 2011. Retrieved 5 October 2014.
^ "Singers rebranded as Shawbrook Asset Finance". Mortgage Introducer. 4 March 2013. Retrieved 20 May 2016.
^ "Shawbrook buys Centric Commercial Finance". Insider Media. 5 June 2014. Retrieved 20 May 2016.
^ ^a ^b "Challenger bank Shawbrook fetches £725m valuation on IPO". The Telegraph. 1 April 2015. Retrieved 13 June 2015.
^ "Challenger Bank Shawbrook raises £90m from IPO". FT. 1 April 2015. Retrieved 20 May 2016.
^ "Victorious private equity consortium wins shareholder approval to take over Shawbrook bank". City AM. 19 June 2017.
^ Fowler, Ryan (1 June 2023). "Shawbrook Group finalises acquisition of Bluestone Mortgages". The Intermediary - Latest UK mortgage news. Retrieved 1 June 2023.
^ Fowler, Ryan (8 October 2023). "Metro Bank knocks back Shawbrook offer while JPMorgan Chase declines to bid, reports". The Intermediary - Latest UK mortgage news. Retrieved 9 October 2023.
^ Fowler, Ryan (8 October 2023). "Shawbrook Bank makes bid for Co-op Bank while considering new Metro Bank offer, reports". The Intermediary - Latest UK mortgage news. Retrieved 9 October 2023.
^ Cerqueiro, Pablo Mayo; Gonzalez, Andres; Cerqueiro, Pablo Mayo; Gonzalez, Andres (14 September 2023). "Co-op Bank kicks off sale with early October bid deadline, sources say". Reuters. Retrieved 9 October 2023.