Even without the added volatility inflicted by the Brexit vote, S hawbrook (SHAW) is having a tough time of it. Shares in the challenger bank fell by as much as a quarter in early morning trading on Tuesday after management reported "irregularities" in loans written by its asset finance business. As a result the group has booked a £9m impairment on £14.7m of lending facilities in the second quarter.
Some loans being written by one of Shawbrook's asset finance offices did not meet management's lending criteria. As expected, the lender also revealed that new loans during the second quarter were flat on the previous three months. In other news, chief financial officer Tom Wood has resigned with effect from the end of June, to be replaced by director of strategy Dylan Minto on an interim basis.
