Home Lancashire News Unity Trust Bank’s record growth attracts £11m of new investment

Unity Trust Bank’s record growth attracts £11m of new investment

Unity Trust Bank, the commercial bank for firms with a social benefit, recently announced its 2017 annual results: profits and new lending were up by over 20%. In 2017, the bank lent nearly £100m to firms and projects that will deliver community, economic or environmental benefits.

In the North West, Unity Bank is represented by Preston based Relationship Managers, Carole Saunders and Margaret Porter.  With over 70 years banking experience between them, they offer a breadth of advice that covers all aspects of commercial finance.

Commenting on the results, Margaret Willis, CEO of Unity Trust Bank, said: “Since becoming independent in December 2015, Unity has pursued its goal to lend responsibly to firms and organisations that share our mission to benefit society. At Unity, this progress means more than just profit; the better we perform, the greater societal benefit we can have. It’s very pleasing to see the appeal of ‘banking with values’. We are grateful for the support of our shareholders and the faith placed in us by our customers”.

Since the year end, the Birmingham-based bank has attracted over £11m of new investment from existing shareholders and a new investor: the Sustainability, Finance, Real Economies fund. ‘SFRE’ is an investment fund initiated by the Global Alliance for Banking on Values. This investment facilitates Unity’s future growth plans and has enabled the bank to buy-back The Co-operative Bank‘s remaining shares meaning it is no longer a shareholder in Unity.

Alan Hughes, Unity’s Chairman, added: “We are ambitious and energised by the encouragement of our existing shareholders – Big Society Capital and the Trade Union movement, who have participated in this capital raise and delighted to welcome SFRE as a new investor who shares so closely Unity’s vision and ‘double bottom-line’ philosophy. We’re confident Margaret and her team can continue Unity’s growth, tapping into the strong desire for a bank with integrity and a social conscience.