PRESS RELEASE
For immediate release
8 May 2013
Secure Trust Bank PLC
Annual General Meeting Statement - 2013
The Board of Secure Trust Bank PLC ("Secure Trust") announces today that shareholders approved all the resolutions proposed at the Annual General Meeting of Secure Trust held today Wednesday 8 May 2013.
At the meeting Henry Angest, Chairman made the following statement:
"Secure Trust has continued to trade well during the first few months of the year with strong levels of organic new lending. Motor finance new lending volumes in April represented a record month.
Having applied to join the Funding for Lending Scheme (FLS) in September 2012 Secure Trust has recently received confirmation that it can access the scheme but the precise terms have yet to be advised to us. The bank has new lending products ready for launch once it has access to the FLS funding.
Everyday Loans is delivering a strong performance and new branches have been opened in Belfast and Ipswich, and a further branch will open shortly in Edinburgh. The V12 operations are being integrated with those of the existing Secure Trust Retail Finance business, and management see significant potential in this area as the retail market recovers. New senior sales staff are being recruited and the business expects to see further growth once a larger sales team is in place. The integration of Debt Managers (Services) Limited is progressing as anticipated.
Secure Trust continues actively to work on a pipeline of significant business development opportunities. As always management exercises prudent judgement in assessing these opportunities, in particular taking into account the on-going economic uncertainties."
-ENDS-
Secure Trust Bank PLC
Notes to Editors
Secure Trust Bank is a longstanding established UK bank. Its core business is to provide banking services including a range of lending solutions and saving products. It also provides fee-based current accounts to UK customers who may not be adequately served by other banks.
The Company, which was incorporated in 1954, operates from its head office in Solihull, West Midlands, has been a subsidiary of Arbuthnot Latham & Co., Limited since 1976 and a subsidiary of Arbuthnot Banking Group PLC since 1985. Arbuthnot Banking Group PLC owns a 70.7% shareholding in the Company.
The Company successfully listed on AIM on 2 November 2011. In June 2012 the Company acquired Everyday Loans Holdings Limited and its subsidiaries. Everyday Loans is a provider of unsecured loans operating through a national network of 26 branches where loans are advanced, serviced and collected.
In September 2012 the Company became the first bank in the UK to be awarded the Customer Service Excellence Award, whilst in the following month the Company was awarded a 4 star Fairbanking Mark for its current account.
In December 2012 the Company placed 1,481,482 shares on AIM, raising gross proceeds of £20.0 million. The Company acquired the V12 Finance Group and the trade and assets of the Debt Managers Group in January 2013.
The Company's diversified lending portfolio focuses on unsecured personal loans, motor finance and retail point of sale finance. Its lending is entirely funded by customer deposits, with no exposure to wholesale funding.
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 www.securetrustbank.com
Enquiries:
Henry Angest, Non-Executive Chairman |
Tel:020 7012 2400 |
Andrew Salmon, Non-Executive Director |
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Paul Lynam, Chief Executive Officer |
Tel: 0121 693 9100 |
Neeraj Kapur, Chief Finance Officer |
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David Marshall, Director of Communications |
Tel: 020 7012 2400 |
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Canaccord Genuity Limited (Nominated Adviser and Broker) |
Tel: 020 7665 4500 |
Roger Lambert |
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Paul Baines |
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Sunil Duggal |
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Lucy Tilley |
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Pelham Bell Pottinger |
Tel: 020 7861 3232 |
Ben Woodford |
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Dan de Belder |
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