23rd Jul 2021 13:32
Secure Trust Bank PLC - Solihull, West Midlands-based retail bank - Sells a portfolio of mortgage loans to Jacqali Designated Activity Co for GBP54.6 million. The proceeds will be used to strengthen the bank's capital position and "provide additional financial flexibility to deliver its growth strategy". The sale represents Secure Trust's full exit from the residential mortgage market, from which it withdrew in 2019.
The payment for the portfolio was calculated based on an agreed price as at December 31. The portfolio's net book value on that date was GBP77.7 million.
"The disposal is in line with Secure Trust Bank's strategy of maximising value, simplifying the group and focusing on the areas of the business that have the strongest prospects for delivering sustainable and profitable medium to long-term growth," says Chief Executive David McCreadie
Current stock price: 1,220.00 pence
Year-to-date change: up 39%
By Will Paige; [email protected]
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