UK-based United Trust Bank (UTB) has announced that Warburg Pincus will acquire a minority equity interest in the specialist bank.
Subject to regulatory approvals, the agreement is expected to bolster UTB’s growth and expansion into new products.
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Warburg Pincus’ investment values the banking group at approximately £520m ($658.39m).
Currently, UTB serves around 60,000 deposit customers and holds total assets nearing £4bn.
UTB operates dedicated divisions in development finance, bridging finance, structured finance, asset finance, buy-to-let finance, and mortgages.
The bank caters to finance brokers, developers, and individuals seeking bespoke financial services.
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By GlobalDataUnited Trust Bank CEO Harley Kagan said: “This is an exciting milestone for UTB and an excellent opportunity for our staff, shareholders and Warburg Pincus.
“I am delighted that Warburg Pincus will be joining us as a new partner to help accelerate our growth and provide support and experience as the group heads for a £4bn balance sheet and explores exciting new products and markets in the future.”
Warburg Pincus managing director Mike Thompson said: “We are delighted to partner with United Trust Bank as an investor and a strategic partner. UTB has established itself as a market leader in the UK, with an impressive track record of growth and innovation.
“The bank’s strong management team, customer-centric approach, and focus on speciality lending solutions are key drivers of its success.”
Last year, UTB reported a 41% rise in operating profit, reaching £87.5m, while operating income grew by 34% to £154.1m. Return on equity rose to 23.9%.
Despite economic challenges in the UK, UTB remained focused on supporting SMEs, housebuilders, and individuals, extending £1.8bn in new lending.
This contributed to the bank’s loan book exceeding £3bn for the first time.
Last month, UTB’s asset finance division appointed Eleanor Russell-Blackburn as business development manager to enhance broker support and business development across Scotland.
