Secure Trust Bank's (STB) pre-close update confirms the upbeat trends evident in its Q3 update in November. The strong lending rebound continued into Q4, loan repayment holidays are at low levels, and
Secure Trust Bank - CEO change in seamless transition
Paul Lynam, Secure Trust Bank s (STB s) CEO, is stepping down to become Equiniti Group s CEO. David McCreadie, who joined STB as a non-exec board member a year ago, will replace him. McCreadie is a banker with 30 years of experience at RBS, Kroger Personal Finance and Tesco Bank. The transition should be seamless, with the growth strategy (organic expansion and M&A opportunities) expected to remain the same. Lynam leaves the bank with a well-capitalised balance sheet (we forecast 13.9% CET1 for FY20), resilient business, a good franchise and well positioned to react when the economy improves. STB will make its pre-close trading update on 21 January, but has reiterated its October 2020 statement that it is trading ahead of consensus FY20 PBT of £7.3m.
The former chief executive of Standard Life Aberdeen will revisit the stringent rules put in place to rein in banks after several were bailed out by the Government in 2008.
Arbuthnot Banking Group acquisition of Asset Alliance may be first of several more 8:31 am
Arbuthnot Banking Group plc (LON:ABG) is the topic of conversation when Mark Thomas, Analyst at Hardman & Co joins DirectorsTalk. Mark runs us through the deal, the strategy, terms of the deal, more about Asset Alliance and thoughts on more deals like this.
Arbuthnot Banking Group has a well-funded and capitalised private bank, and has been growing commercial banking very strongly. It holds a 9.85% stake in Secure Trust Bank (STB).
Sir Henry Angest Chairman and CEO of the Group said:
“We are delighted to welcome Willie and his team to the Group. This acquisition of Asset Alliance is complementary to our strategy of diversification and developing businesses in the specialist commercial finance sectors. Their experienced management team have built the foundations for future growth and now that it will no longer be constrained by third party funding limits, I look forward to