Hampshire Trust Bank has become the newest member of the Association of Short Term Lenders (ASTL).

This latest addition to the ASTL membership takes the number of full members to 31 with 23 associate members.

Hampshire Trust is a specialist challenger bank and aims to provide a balanced voice in the short-term lending sphere.

It was acquired in May 2014 by a new management team with the backing of Alchemy Special Opportunities Fund II LP.

Benson Hersch (pictured), chief executive of the ASTL, said: “Increasing our membership is of great importance as we want the ASTL to be truly representative of the short term lending market. However, it is not just about numbers, it is also about who those members are and what they can bring to the association.

“Hampshire Trust Bank puts the customers’ needs at the forefront of its business, which mirrors the ASTL’s ethos of honesty and integrity.  I am sure it will be a great addition to our membership and we look forward to its active participation.”

David Morris, managing director for commercial finance at Hampshire Trust Bank, added: “The ASTL’s charter and Hampshire Trust’s own values are very closely aligned.  The association has helped to change the way the industry looks at the short term lending market in a positive way.

“As members we not only look forward to its support but also to being actively involved in taking the ASTL forward.”