New retail bank targets SMEs

SHAWBROOK Bank, a new retail savings bank, is targeting £250m in new gross lending to small and medium-sized enterprises (SMEs) this year, the bank’s managing director Philip George told City A.M. The bank, bought by RBS Equity Finance in January and relaunched under the Shawbrook brand today, also plans to mop up £350-400m in new retail deposits over the same period. Meeting the targets would mean a substantial expansion of its balance sheet, which currently has assets worth £75m.