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Unity Trust Bank attracts £11m of new investment

Tom Belger | 13:13 Wednesday 11th April 2018

Unity Trust Bank has secured over £11m of new investment since the end of last year and reported that both profits and new lending were up by over 20%.

In its 2017 annual results, the commercial bank revealed that it had lent nearly £100m to firms and projects which will deliver community, economic or environmental benefits.

Birmingham-based Unity attracted over £11m of new investment from existing shareholders and new investor the Sustainability, Finance, Real Economies (SFRE) fund.

SFRE is an investment fund initiated by the Global Alliance for Banking on Values.

The investment will enable Unity to continue its growth plans.

It has also enabled the buy-back of the Co-operative Bank's remaining shares, meaning it is no longer a shareholder in Unity.

“Since becoming independent in December 2015, Unity has pursued its goal to lend responsibly to firms and organisations that share our mission to benefit society,” said Margaret Willis, CEO at Unity Trust Bank (pictured above).

“At Unity, this progress means more than just profit; the better we perform, the greater societal benefit we can have.

“It's very pleasing to see the appeal of 'banking with values'.

“We are grateful for the support of our shareholders and the faith placed in us by our customers.”

Alan Hughes, chairman at Unity, added that it was ambitious and energised by the encouragement of its existing shareholders Big Society Capital and the trade union movement.

“We're confident Margaret and her team can continue Unity's growth, tapping into the strong desire for a bank with integrity and a social conscience,” said Alan.

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