Shawbrook, the “challenger” bank with a burgeoning Scottish presence, revealed today that it has passed the £1 billion lending milestone.
The firm has lent £1.13bn since its launch in 2011, comprising £766 million to UK small and medium-sized businesses and £369m to individuals.
Chaired by former Royal Bank of Scotland chairman and chief executive Sir George Mathewson, Shawbrook said Scotland is its busiest area for lending after greater London and the south-east of England, with loans of £129m north of the Border.
Chief executive Ian Henderson said the lender’s figures show “there is no question challenger banks are needed to the five main high street banking players that control 90 per cent of the UK banking market”.
Shawbrook, which does not have a branch network, has more than 28,000 loan customers and 29,000 deposit customers. It offers commercial mortgages and asset finance for small firms and property investors, along with savings and loans for individuals.
In May, the company reported underlying profits of £2.6m for 2012, against losses of £8.4m in its first year of operation.