Masthaven Bank has announced its plans to withdraw from the UK banking market over the next two years.

This announcement comes after a comprehensive strategic review.
 
Established in 2004 as a non-bank lender Masthaven secured a banking licence in 2016.

It has communicated the move on its strategic withdrawal from the market to employees, customers, intermediaries, and other stakeholders.

Masthaven plans to cut down and eventually divest its long-term and short-term loan books and return all savings deposits to customers.

The bank stated that it has enough capital and liquidity to repay savings customers in an orderly manner by the end of next year, on or before contractual maturity dates.
 
Masthaven Bank chief executive Leigh Bartlett said: “We assessed a range of options, but all of them required a significant commitment of long-term capital and we have not been able to secure the level of investment necessary to grow the bank while serving our customers efficiently and effectively.”

Bartlett added: “I must stress that this was a strategic decision, and we are working to a detailed plan which will be implemented carefully over the next two years.” 
 
Masthaven is working with the banking regulatory agencies, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The lender stated that the regulatory bodies are aware of its plans and the measures “it has put in place to ensure that the interests of all stakeholders are carefully considered and protected during the two-year process.” 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.