LONDON, March 12 (Reuters) - New British bank Shawbrook said it plans to list on the London Stock Exchange to raise funds to support future growth and enable it to challenge the country's established lenders.
Shawbrook, which is one of a number of new banks to have emerged since the 2008 financial crisis, said it intended to pay a modest dividend in 2016, followed by a payout equivalent to 30 percent of its post-tax profit in 2017. It expected to increase its dividend thereafter.
"We believe we are well-positioned to achieve long-term sustainable growth and that Shawbrook will become an increasingly well-known name in the specialist world of British banking," Chief Executive Richard Pyman said in a statement.
Reporting by Matt Scuffham, editing by Sinead Cruise