Goldman Sachs has reduced its disclosed voting interest in Secure Trust Bank from 3.15% to 2.27%, falling below the 3% reporting threshold just a day after crossing it.

The investment banking group reported holding 422,551 voting rights in the specialist lender on 7 October, down from 585,815 the previous day.

The reduction of 163,264 voting rights represents a fall of approximately 28% in Goldman Sachs’ previously disclosed position.

The latest notification, submitted to Secure Trust Bank on 9 October and released on 12 October, follows an earlier disclosure showing that Goldman Sachs had crossed the 3% threshold on 6 October.

Both notifications relate to voting rights attached to shares, with no additional exposure through financial instruments reported.

The filings do not explain the reason for the rapid change in Goldman Sachs’ position or establish whether it reflects share disposals, transfers between accounts or other changes in voting rights.

SHARE BUYBACK CONTINUES

The disclosures coincide with Secure Trust Bank’s continuing £10 million share buyback programme, which was announced on 7 September.

In a separate announcement on 12 October, the Solihull-based lender confirmed that it had purchased 59,817 ordinary shares between 5 and 9 October under the second £5 million tranche of the programme.

The purchases, executed through Shore Capital Stockbrokers, took place at prices ranging from 1,474p to 1,526p per share.

Secure Trust Bank intends to cancel the repurchased shares, reducing the total number of ordinary shares carrying voting rights to 18,553,780. The bank holds no shares in treasury.

There is no indication in the announcements that Goldman Sachs’ reduction in voting rights is directly connected to the buyback programme.

Secure Trust Bank, which has its headquarters in Solihull, operates in business finance and retail finance, the latter through its V12 brand.

The lender said further announcements would be made following any additional share purchases under its buyback programme.