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A challenger slope antecedently owned by Cyprus's biggest lender is successful talks to merchantability a number involvement astatine a valuation of up to £1bn.
Sky News has learnt that Cynergy Bank, which specialises successful lending to SMEs, has appointed Perella Weinberg Partners, the concern bank, to place prospective caller investors.
Spun retired of Bank of Cyprus, Cynergy Bank has been trading nether its existent sanction since 2019.
It has been increasing rapidly amid a slew of disrupters to participate the tiny concern banking abstraction since the past fiscal crisis.
Among Cynergy Bank's peers are Allica Bank, Oaknorth and Starling Bank.
To date, it has lent much than £4bn to concern customers.
One root adjacent to the number merchantability process said the proceeds would beryllium utilized successful portion to supply maturation superior to the company, with existing shareholders besides expected to instrumentality immoderate wealth disconnected the table.
Cynergy Capital, which bought the concern from Bank of Cyprus for conscionable implicit £100m, is backed by investors including Pradip Dhamecha (OBE), Balbinder Sohal, John Coulter and Ann Jones.
The slope is present apt to beryllium valued astatine betwixt £750m and £1bn successful immoderate caller transaction, though insiders cautioned connected Tuesday that a woody was not definite to beryllium struck.
A ceremonial concern process volition get underway successful September.
A spokesperson for Cynergy Bank, which is the authoritative banking spouse of Premier League broadside Brentford, declined to comment.
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