Secure Trust Bank sells loan portfolio and exits debt buying market

By Michael Susan

Secure Trust Bank PLC said on Friday it had sold its loan portfolio to Intrum UK Finance Ltd. as she decided to exit the debt buying market.

The private and commercial bank said the cash consideration for the wallet is yet to be determined, but the actual forecast is estimated at 79.7 million pounds ($104.3 million) if the deal closes on May 31. The deal should close. at the end of the first half of the current year.

He added that the gross portfolio value as of September 30 was £84.7m and the counterparty value was £94.0m.

Secure Trust Bank said it expects the divestment to improve its cost to income ratio, but also reduce its net interest margin.

The company will update its mid-term goals in its 2021 financial results, she added.

It also said it was in talks with Intrum to sell its consumer loans and auto finance.

“The divestment is part of STB’s strategy to simplify the group and focus on businesses that have the best prospects for sustainable and profitable growth in the medium to long term… Estimated net profit and paid-in capital in 2022 of this divestment will facilitate more rapid progress in these areas,” said Chief Executive David McCreadie.

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