Shawbrook Set to Take $12 Million Charge on Improper Lending

Updated on
  • Shares drop as much 28% on forecast of $12 million charge
  • Chief Financial Officer Tom Wood resigns, replaced by Minto

Shawbrook Group Plc uncovered improper lending to new small businesses at its offices in Scotland that didn’t meet its risk criteria, which will probably force the lender to take a 9 million-pound ($12 million) charge. 

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