Secure Trust Bank PLC Announces Acquisition of V12 Group Finance Ltd

Secure Trust Bank PLC announced that it has agreed to acquire the V12 Group. V12 Group Finance Limited and its wholly owned subsidiaries, V12 Retail Finance Limited and V12 Personal Finance Limited (together, V12, V12 Group or the Business) provide retail point of sale loans, typically for 12 months on an unsecured basis to consumers who are predominantly classified as prime borrowers. The Business will continue to trade using the V12 brand. This activity is complementary to STB's existing retail finance proposition. STB has agreed to acquire the entire issued share capital of the V12 Group and the existing loan book which had balances of approximately GBP35 million as at November 30, 2012. The consideration of GBP3.5 million is payable in cash by STB on completion which is scheduled to take place on January 2, 2013. The costs incurred by STB to complete this transaction are estimated to be approximately GBP0.7 million.