Secure Trust Bank share price finishes slightly up during first day on main market

Hayley Kirton
Follow Hayley
Cheering woman at Ascot
It's been a good day of trading for Secure Trust Bank (Source: Getty)

Shares in Secure Trust Bank finished slightly up today, marking a positive end to its first day of trading on London's main market.

The challenger bank, which listed on the London Stock Exchange's AIM market in November 2011, announced plans to shift from the junior market last month.

The company has not raised any funds or issued any new shares as part of its graduation onto the main market.

"Today's listing on the main market is another very important milestone in our development," said Paul Lynam, chief executive. "I congratulate all of my colleagues on this considerable achievement.

"The directors continue to believe that over time Brexit will create more opportunities than threats for well-funded and well-capitalised smaller banks. We look to the future with confidence."

Read more: How this challenger used Brexit as an opportunity and tipped into the black

Shares in the bank closed up 0.4 per cent at 2,360p. However, shares are around five per cent lower compared with their closing price on 23 June.

Lynam was among a group of challenger bank bosses who wrote to the Treasury Select Committee shortly after the Brexit vote was announced, asking chairman Andrew Tyrie and his cohort to consider treating the referendum outcome as a golden opportunity to reduce red tape.

However, the Bank of England raised concerns shortly after the Leave decision was announced that challenger banks would be less well shielded from a downturn in the commercial property sector when compared with their larger counterparts.

Related articles