Castle Trust has been acquired by vehicles backed by Sixth Street and affiliates of Bayview Asset Management.
Furthermore, Sixth Street and Bayview have agreed to commit additional capital to fuel growth across the business, including expanding the bank’s retail savings franchise, broadening its product offering, and attracting additional customer deposits.
They will also enhance the commitment to specialist property and retail finance through Omni Capital Retail Finance.
Martin Bischoff, CEO of Castle Trust Bank, will remain as CEO.
“This investment from Sixth Street and Bayview is a strong endorsement of our strategy, our people, and our future potential,” said Bischoff.
He added: “We have grown customer savings balances to more than £1.6bn, built a specialist property finance loan book of more than £1.1bn and a retail finance loan book exceeding £200m – establishing a strong platform for future growth. With the backing of our new shareholders, we are well placed to invest in our customer proposition, expand across retail savings, specialist property and retail finance, and pursue additional growth opportunities while maintaining a disciplined focus on risk and delivering sustainable outcomes for customers, colleagues, brokers, retailers, and partners.”
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Masashi Washida, managing director of asset-based finance at Sixth Street, said: “Together with Bayview, we believe the bank’s experienced leadership and its robust, well-established risk and technology platform create a strong foundation for sustainable growth and scalable operations at an attractive time in the market.”
Pierre Lussato, managing director of Bayview Asset Management, added: “Castle Trust Bank has built an impressive reputation for customer service, specialist expertise, and prudent growth.
“We look forward to supporting the bank’s continued growth across savings, specialist lending, and retail finance, while it delivers innovative products and excellent customer outcomes.”