Secure Trust Bank is a retail bank operating in the United Kingdom. Secure Trust Bank’s lending activities comprise motor finance, retail point of sale finance and personal unsecured lending.
Lending is funded by customer deposits, comprising instant access, notice and term deposit accounts, fee-based current accounts and the OneBiIl account, a household budgeting product.
The Simmons & Simmons team was led by corporate partner Alan Karter, supported by corporate associates, Jeremy Cruse, Amar Madhani and Ian Wood. Specialist consumer finance, bank regulatory, employment, employee incentive, outsourcing and other legal advice was also provided.
Commenting on the transaction, Alan Karter, said: “We are delighted to have worked with Secure Trust Bank and its parent Arbuthnot Banking Group in the successful capital raising and flotation on AIM. This demonstrates that the right company can still come to market in London despite the difficult environment.”
It was particularly interesting to have worked on the flotation of a retail bank. This plays to the strengths of Simmons & Simmons in the financial institutions sector, on regulatory matters including consumer credit law and practice and in the equity capital markets.”
Commenting on the transaction, Paul Lynam, Chief Executive Officer of Secure Trust Bank said: “We are grateful for the legal support provided to us by the Simmons & Simmons team. They demonstrated a high level of skill and provided an exemplary legal service.”
Commenting on the transaction, Andrew Salmon, Chief Operating Officer of Arbuthnot Banking Group, said: “There have been a range of issues to be navigated through the placing and admission process – both for Secure Trust Bank and for Arbuthnot Banking Group – and we have appreciated the commercially focused legal advice that Alan and his team have provided as well as their support throughout the process.”
