Secure Trust Bank has launched a new commercial finance business offering Asset Based Lending (ABL) products for SMEs.
Secure Trust Bank Commercial Finance, based in Manchester and headed up by former RBS and Barclays executive John Bevan, will target "rapid growth over the coming months".
The new arm will offer invoice finance products, as well as asset based finance and real estate finance.
Bevan stated that the business has launched at a time of "huge opportunity", as SMEs look for alternative funding options.
Secure Trust is the latest in a number of "challenger" banks to step up its commercial finance offering in recent months. Shawbrook Bank acquired invoice finance provider Centric Commercial Finance in June, while Metro Bank is growing its invoice and asset finance capabilities following the purchase of SME Invoice Finance last year. Meanwhile, Aldermore recently reported significant growth in its invoice finance and asset finance businesses