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  1. British bank Shawbrook to take $12 mn charge, CFO Wood to leave

British bank Shawbrook to take $12 mn charge, CFO Wood to leave

British bank Shawbrook Group Plc said on Tuesday it expected to book an additional impairment charge in the second quarter...

By: | Published: June 28, 2016 1:13 PM
the charge would be of about 9 million pounds ( million) and related to a number of loans being underwritten in its asset finance business that had not matched its lending criteria. (Reuters) The charge would be of about 9 million pounds ( million) and related to a number of loans being underwritten in its asset finance business that had not matched its lending criteria. (Reuters)

British bank Shawbrook Group Plc said on Tuesday it expected to book an additional impairment charge in the second quarter due to some irregularities in its asset finance business and that its Chief Financial Officer Tom Wood would leave.

The lender, which was founded in 2011, said the charge would be of about 9 million pounds ($12 million) and related to a number of loans being underwritten in its asset finance business that had not matched its lending criteria.

Dylan Minto, currently director of strategy, will step in as interim CFO with the departure of Wood, who during his four years at Shawbrook also played a pivotal role in it going public last year.

Wood is set to leave on June 30, Shawbrook added.

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