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    1060   SA0007879089

THE SAUDI BRITISH BANK

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Saudi British Bank : UK's newest bank Cashplus aims to raise $69 million

02/17/2021 | 03:15am EDT

LONDON (Reuters) - Newly-licensed British bank Cashplus has launched a 50 million pound ($69 million) fundraising to grow the company and meet expected demand for loans from small businesses.

Cashplus, which was launched in 2005, is a financial technology firm that offers digital current accounts and lending to small businesses and consumers.

The company was granted a full banking licence by the Bank of England earlier this month, enabling it to lend its 500 million pounds of amassed deposits for the first time and reduce its cost of funding.

Rich Wagner, CEO of Cashplus, told Reuters the company's board had approved the fundraising plan at the end of last week and he was looking for equity from growth investment firms.

It would mark Cashplus' first outside investment, aside from backing from its main shareholder Trident Capital, a California-based private equity firm, which has stumped up 20 million pounds to date.

Wagner said the bank was aiming to deliver 1 billion pounds of new lending within five years, after lending 640 million pounds to date.

Cashplus faces an increasingly crowded market, with newer fintech rivals such as Starling and Monzo expanding into business banking, alongside specialists like Tide.

Wagner said Cashplus' longer track record would give it a competitive advantage and unlike rivals the firm had made an operating profit for nine straight years, although it made pretax losses in the last two years on higher investment costs.

He said he was undeterred by the potential for higher loan defaults as the company looks to expand in an economy hammered by COVID-19 lockdowns.

"The credit profile of our customers is quite unique. We are seeing individual directors who are formulating business ideas as a contingency against losing their job," he said.

"Start-ups are already at record highs and we expect they will grow from there."

($1 = 0.7200 pounds)

(Reporting by Iain Withers and Anna Irrera. Editing by Mark Potter)

By Iain Withers and Anna Irrera


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
THE SAUDI BRITISH BANK -1.26% 31.35 End-of-day quote.26.82%
UNITED PARCEL SERVICE INC -1.47% 191.255 Delayed Quote.15.29%
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Financials
Sales 2021 8 115 M 2 164 M 2 164 M
Net income 2021 3 602 M 961 M 961 M
Net Debt 2021 - - -
P/E ratio 2021 17,8x
Yield 2021 3,39%
Capitalization 64 418 M 17 178 M 17 178 M
Capi. / Sales 2021 7,94x
Capi. / Sales 2022 7,34x
Nbr of Employees 4 156
Free-Float 43,4%
Chart THE SAUDI BRITISH BANK
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The Saudi British Bank Technical Analysis Chart | 1060 | SA0007879089 | MarketScreener
Technical analysis trends THE SAUDI BRITISH BANK
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 31,35 SAR
Average target price 29,17 SAR
Spread / Average Target -6,96%
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Managers and Directors
Anthony William Cripps Chief Executive Officer, MD & Director
Mathew Pearce Chief Financial Officer
Lubna Suliman Al-Olayan Chairman
Musaifer Al Osaimi Chief Information Officer
Ghada Al Jarbou Chief Operating Officer
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