United Trust Bank (UTB) has revealed that an agreement has been reached between its majority shareholders and Warburg Pincus for the private equity firm to acquire a minority equity interest in UTB.
This investment, which is subject to the relevant regulatory approvals, values the banking group at approximately £520 million.
UTB has around 60,000 deposit customers and total assets approaching £4 billion. The Bank has dedicated divisions providing development finance, bridging finance, structured finance, asset finance, buy-to-let finance and mortgages.
“the growth story over the last 20 years would not have been achievable without the exceptional UTB staff”

Harley Kagan (pictured,) CEO of United Trust Bank, commented:
“This is an exciting milestone for UTB and an excellent opportunity for our staff, shareholders and for Warburg Pincus.
“I am delighted that Warburg Pincus will be joining us as a new partner to help accelerate our growth and provide support and experience as the group heads for a £4 billion balance sheet and explores exciting new products and markets in the future.
“It just remains for me to say that the growth story over the last 20 years would not have been achievable without the exceptional UTB staff who work carefully every day to build the bank and deliver outstanding products and services to our customers, and for that we wish to sincerely thank them. United, we really do go further.”
Warburg Pincus has invested more than $15 billion in over 125 companies across more than 20 European countries. Within the financial services industry globally, Warburg Pincus has invested more than $25 billion across 60 companies, with a particular focus on specialist banking and lending.
Mike Thompson, managing director, Warburg Pincus, added:
““We are delighted to partner with United Trust Bank as an investor and a strategic partner. UTB has established itself as a market leader in the UK, with an impressive track record of growth and innovation.The bank’s strong management team, customer-centric approach, and focus on specialty lending solutions are key drivers of its success.
“We look forward to working closely with Harley and his team to support the bank’s continued growth and leveraging the expertise of our financial services and capital solutions teams to help the company seize new opportunities in the UK market.”