The majority shareholders of United Trust Bank (UTB), a UK specialist bank, and Warburg Pincus LLC have successfully completed a transaction in which Warburg Pincus has acquired a minority equity interest in UTB.
This investment, which values the banking group at approximately £520m, supports the continuation of UTB’s strong and profitable growth.
UTB recently published its Annual Report and Accounts for 2024 which showed increased operating income of £165m, profits before tax of £86.4m, growth in new lending to £1.9bn, and an ROE of over 20%. In February 2025, UTB issued a £50m Additional Tier 1 capital instrument to a pool of institutional investors, thereby demonstrating its ongoing support from capital markets.
Harley Kagan, Chief Executive Officer of United Trust Bank, commented:“I am delighted to have completed this transaction and to welcome Warburg Pincus as a new partner to the business.
“As well as providing an excellent opportunity for our shareholders, staff and Warburg Pincus, the Bank will also benefit from the vast experience they bring to the boardroom as we continue to expand and explore exciting new opportunities in products and markets.
“I look forward to working with Mike Thompson, who led the transaction on behalf of Warburg Pincus, and will be joining the Board and brings significant sector and M&A expertise,” he added.
Mike Thompson, Managing Director of Warburg Pincus, commented: “The completion of our investment in United Trust Bank marks the start of an exciting partnership with Harley and the company in their next phase of growth.
“Warburg Pincus has a nearly 30-year history of investing in the banking sector, having invested over $3.5 billion in regulated banking institutions around the world. We look forward to leveraging our experience in the space and supporting the team as they explore new products and markets, while continuing to deliver strong customer service.”
