By Mark Kleinman, City Editor
A challenger bank chaired by the former head of Royal Bank of Scotland (RBS) will announce plans for a flotation on Thursday that the City believes could value it at almost £1bn.
Sky News has learnt that Shawbrook, which is majority-owned by funds previously linked to RBS, will issue an announcement that will mean its shares are likely to begin trading with the General Election campaign in full swing.
Shawbrook was set up in 2011 to exploit the decline in asset finance and commercial mortgage lending to small and medium-sized companies (SMEs) by the big high street banks.
It is chaired by Sir George Mathewson, a stalwart of the British banking industry who led RBS before handing over the reins to Fred Goodwin.
Sky News understands that Sir George, who is 75, will steer Shawbrook through its initial public offering but will step down once a suitable successor has been identified.
Shawbrook is expected to seek to raise approximately £90m from the sale of new shares, while some of the existing investors, including Pollen Street Capital, a fund formerly backed by RBS, are likely to sell part of their holdings.
The intention to float announcement issued by Shawbrook will come just three days after shares in rival Aldermore began trading in London.
Aldermore's shares performed strongly on their debut, underlining the appetite among investors for shares in well-run banks without legacy issues and offering an attractive return on equity.
Shawbrook is expected to promote a similar narrative in its discussions with potential investors, pointing to customer loan growth in 2014 of 70% to £2.3bn and pre-tax profit trebling to more than £50m.
A string of other start-up banks have begun to emerge in the years since the financial crash, including Metro Bank and OakNorth, which this week announced that Lord Turner, the former chairman of the Financial Services Authority, would join its board.
Meanwhile, Lord McFall, the previous chairman of the Treasury Select Committee, has joined Atom Bank, a digital-only venture, as a director.
Further measures to promote competition in banking are expected to be announced next week in George Osborne's final Budget before the Election.
The Competition and Markets Authority is due to conclude an inquiry into the personal current accounts and SME banking markets later this year.
The perception that challenger banks will be assisted by Government policy whatever the outcome of May's Election is one factor in Shawbrook's decision to proceed with its listing now, an insider said.
Shawbrook declined to comment on its IPO plans on Wednesday.
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