Challenger bank Shawbrook will launch its IPO in April

Champagne shower explosionReutersShawbrook follows in fellow challenger bank’s footsteps one month later.

Shawbrook just announced that is plans to float on the London stock market in April this year.

The upstart lender confirmed in a regulatory statement that hopes to raise around £90 million ($US135 million) from the share offering in a bid to bolster its capital ratios, while fuelling an expansion into new and existing markets.

“We are delighted to announce our intention to float which marks the next stage in our growth story. In the four years since our foundation, we have built a business that provides UK customers with a fresh, pragmatic approach to lending and savings built on traditional values of respect, care, good sense and thoughtful judgement,” said Richard Pyman, CEO of Shawbrook in a regulatory statement.

“Our focus on specialist teams, working in carefully selected markets and with a human approach to decision-making to deliver excellent customer service, has enabled us to develop a clearly differentiated business with impressive returns. We believe we are well-positioned to achieve long-term sustainable growth and that Shawbrook will become an increasingly well-known name in the specialist world of British banking.”

Shawbrook lends to just over 60,000 small and medium-sized businesses and consumers in the UK.

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