Secure Trust Bank PLC
STB.L
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- Secure Trust Bank PLC (STB.L) is a UK-based specialist retail bank providing deposit-funded savings accounts and lending services to consumers and businesses across the United Kingdom. Founded in 1952 and headquartered in Solihull, the bank operates through four core divisions: Retail Finance via V12, offering point-of-sale financing for home improvements, dental, and other retail sectors through partnerships with over 1,000 national brands; Vehicle Finance through brands including V12 Vehicle Finance and Moneyway, encompassing hire purchase, personal contract purchase, dealership stock funding, and used vehicle financing for the automotive sector; Real Estate Finance, delivering loans to experienced developers for residential, commercial, and mixed-use projects as well as professional landlords; and Commercial Finance (Business Finance), providing asset-based lending, invoice financing, and refinance options to support company growth, with offices in key locations including Cardiff, Manchester, London, and Reading. The bank serves over 1.3 million customers in Retail Finance alone, maintains customer deposits exceeding £3.5 billion fully backed by the Financial Services Compensation Scheme for 95% of balances, and targets retail consumers, SMEs, private equity-backed firms, and property developers primarily within the UK market. In recent developments, Secure Trust Bank announced in July 2025 a strategic pivot away from Vehicle Finance, ceasing new lending in Consumer Vehicle Finance and Stock Funding segments and placing the existing £558 million portfolio into run-off to reallocate capital toward higher-returning core businesses of Retail Finance, Real Estate Finance, and Commercial Finance, while implementing workforce reductions affecting up to 284 roles. The bank advanced Project Fusion cost optimization, achieving £1.5 million in additional savings in H1 2025 and remaining on track for total annualized savings of £8 million by year-end, contributing to an improved adjusted cost-income ratio of 49.1%. Net lending balances grew 6.1% to £3.8 billion as of June 30, 2025, driven by expansions in Retail Finance (including home improvement and dental partnerships) and Business Finance, alongside record customer deposits of £3.5 billion and a 36.3% rise in adjusted pre-tax profit to £23.3 million; the bank also plans a capital markets event in Q4 2025 to unveil a refreshed strategic plan with updated medium-term ambitions targeting 14%-16% ROAE. Leadership transitioned with David McCreadie retiring as CEO and Ian Corfield appointed as CEO Designate in June 2025, pending regulatory approval, and Luke Jooste named Managing Director of Business Finance.