PRESS RELEASE

Secure Trust Bank PLC

LEI: 213800CXIBLC2TMIGI76

26 May 2022

For immediate release

SECURE TRUST BANK PLC

Completion of the AppToPay Ltd Acquisition

Secure Trust Bank PLC ('Secure Trust Bank') announces that on 26 May 2022 it completed the acquisition of the fintech company AppToPay Ltd.

AppToPay Ltd is the owner of a proprietary technology platform and its acquisition supports STB's planned entry, through its V12 Retail Finance business, into the digital 'Buy Now Pay Later' ('digital BNPL') market. V12 Retail Finance is a leading specialist provider of point of sale finance with a technology-embedded network of more than 1,400 retailers and around 840,000 customers. Secure Trust Bank has been developing its existing technology capabilities and plans to integrate them post acquisition with the AppToPay platform and launch a regulated digital BNPL product later this year.   

David McCreadie, Chief Executive Officer of Secure Trust Bank, said:

"I am delighted to announce the completion of the acquisition of AppToPay. V12 Retail Finance has built a strong, established and trusted position in point-of-sale retail finance, thanks to its strong relationships and embedded technology with many of the UK's leading retailers, extensive market knowledge and specialist risk management capabilities.

Secure Trust Bank has more than twenty years' experience in providing regulated, interest-free loans to millions of consumers. This transaction opens up attractive new opportunities for our existing retailer network and customers and to bring our responsible lending approach to more people across the UK."

Enquiries:

Secure Trust Bank PLC

David McCreadie, Chief Executive Officer

Rachel Lawrence, Chief Financial Officer

Tel: 0121 693 9100

Stifel Nicolaus Europe Limited (Joint Broker)

Robin Mann

Gareth Hunt

Stewart Wallace

Tel: 020 7710 7600

Canaccord Genuity Limited (Joint Broker)

Andrew Potts

Tel: 020 7523 8000

Tulchan Communications

Tom Murray

Misha Bayliss

Tel: 020 7353 4220

About the Company

Secure Trust Bank is an established, well‐funded and capitalised UK retail bank with a 70 year trading track record. Secure Trust Bank operates principally from its head office in Solihull, West Midlands, and had an average of 973 employees (full‐ time equivalent) during 2021. The Group's diversified lending portfolio currently focuses on two sectors:

(I)           Business Finance through its Real Estate Finance and Commercial Finance divisions, and

(II)          Consumer Finance through its Vehicle Finance and Retail Finance divisions.

As at 31 December 2021 the Group's loans and advances to customers totalled £2,531.9 million (66.6% of which is secured on assets and property), customer deposits totalled £2,103.2 million and the Group's total customer base was over 1.5 million customers. As these figures are as at 31 December 2021, they include 212 employees, £79.6 million in loans and advances to customers, and approximately £0.6 million customers which relate to Debt Managers (Services) Ltd (DMS). As announced, DMS agreed to sell its loan portfolio and expects, in the second half of 2022, to migrate its customers and transfer its employees to the purchaser of the portfolio. 

Secure Trust Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Secure Trust Bank PLC, One Arleston Way, Solihull, B90 4LH.