BRITAIN’S biggest banks have pulled out of specialist business lending, allowing Shawbrook Bank to more than double its loan book in the last year, the lender revealed today.
Areas like specialised asset finance can be too time and cost intensive for the big players, leaving room for Shawbrook to make the £1bn mark.
Around 75 per cent of those loans are directly to businesses, while the remaining quarter is largely in sales finance to customers, going through businesses.
“As the economy grows demand picks up and we can grow loan originations. We are small and nimble, so can take opportunities left by the big banks,” chief Ian Henderson told City A.M. “We are gaining expertise in asset finance and field assets, lending on niche assets liket tug boats in ports.”