Mathewson will step down as chairman
Shawbrook valued at £725m on bank’s market debut
Former Royal Bank of Scotland chairman and chief executive Sir George Mathewson has chaired the board of Shawbrook since its formation in 2011 but will step down once a successor has been found.
Shawbrook is targeting customers in towns that are served poorly by the larger high street banks and has made more than 60,000 loans.
The bank has a £2.3 billion loan book supported by a retail deposit base and achieved an underlying profit before tax last year of £49.1 million.
The directors are targeting a modest maiden dividend for the financial year ending 31 December 2016, rising to a target of 30% of post-tax statutory profits in the following year, with a progressive policy thereafter.
Richard Pyman, chief executive, said the offer had been well-received by investors. Shawbrook intends to build a niche as a specialist lender.
“Our focus remains on providing UK customers with a fresh, pragmatic approach to lending and savings,” he said.
“We look forward to the next stage of our journey as Shawbrook continues to deliver on its strategy to become an increasingly well-known name in the specialist world of British banking.”