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Arbuthnot’s £102m Secure Trust Bank starts life on junior market
SECURE Trust Bank, the retail banking arm of Arbuthnot Banking Group, started life as an independent entity yesterday after floating successfully on the alternative investment market of the London Stock Exchange.
The float, which at 720p per share valued Secure Trust at £102m, raised £25m, with Secure Trust gaining £12m to plough into growing the bank’s loan book and give it the firepower to make acquisitions as it shapes up to compete in the UK retail banking market.
Broker Collins Stewart also placed another £13m of existing Arbuthnot shares to return capital to the group.
Secure Trust’s chief executive Paul Lynam said it was “an important milestone” for the bank. “We believe we can build substantially on our current position,” he added.