11th Oct 2013 08:14
LONDON (Alliance News) - Secure Trust Bank PLC Friday said it had traded well in the third quarter, with demand for its lending and deposit products remaining strong, and it has made progress developing plans for lending to small- and medium-sized enterprises.
"We will invest to develop our business initially in two areas - asset based lending, specifically the Invoice Finance market, and property," it said of its SME lending plans.
The bank has already hired a managing director and chief operating officer who will build a new business called Secure Trust Bank Invoice Finance. It will work with businesses with revenues of up to GBP5 million which are in need of cashflow funding, and expects to start writing new business in the first half of 2014.
It didn't name the new executives, but said they are "well respected and experienced professionals, with 33 years of combined experience in this segment of the industry."
"Clear opportunities to compete effectively in the Invoice Finance market have been identified and the directors believe these opportunities will increase as the larger banks seeking to improve their capital efficiency will encourage borrowers currently using overdrafts to use alternative funding products thus increasing demand for invoice finance and asset based lending," Secure Trust Bank said in a statement.
"We believe the property market continues to be underserved as some of the larger banks deal with legacy real estate portfolios and we believe there remain selective good opportunities,"it added. "Our interest is in both investment and development, predominately commercial in composition."
By Steve McGrath; [email protected]; @SteveMcGrath1
Secure Trust Bank shares last traded at 2,245 pence.
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Secure Trust