Detailed in the announcement of the deal last December, the aim of the partnership was to support UTB growth and expansion into new products.

This investment now values the banking group at approximately £520m.

The completion of the deal follows news earlier this month, UTB 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%.

Commenting on the deal completion, Harley Kagan, CEO at UTB (pictured above), commented: “I am delighted to have completed this transaction and to welcome Warburg Pincus as a new partner to the business.

•   The Finance Professional Show 2024: The Video
•   UTB appoints new head of credit of asset finance
•   UTB appoints Fran Arnold as BDM for the North

“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.

“I would like to thank everyone who has worked hard to bring this deal to a successful conclusion, and of course the excellent staff of UTB whose dedication and commitment have helped us to create a highly regarded and successful business.”

Mike Thompson, managing director at Warburg Pincus, commented: “The completion of our investment in UTB marks the start of an exciting partnership with Harley and the company in their next phase of growth.”