IN BRIEF: Shawbrook reassures 'no lending exposure' to Blue Motor
Shawbrook Group PLC - Essex, England-based digital banking platform - Says it has ‘no lending exposure’ to Blue Motor Finance Ltd, as their forward flow purchase agreement, under which Shawbrook acquired loan assets originated by BMF, was not renewed in February. Furthermore, Shawbrook reiterates that it still ‘considers its exposure to be immaterial’ regarding the UK Financial Conduct Authority’s proposed £9 billion motor finance redress scheme.
Shawbrook’s reassurance follows Sky News’ report on Tuesday that Blue is ‘teetering on the brink of collapse’ and ‘lining up administrators as it scrambles to secure a rescue deal.’ Blue’s redress bill looks set to exceed £50 million, Sky says. The outlet also noted that Shawbrook had cancelled the above-mentioned funding agreement with Blue, citing ‘insiders’ from the motor finance industry.
Shawbrook current stock price: 321.00 pence, up 2.1% on Wednesday afternoon in London
12-month change: down 19%
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