(Dec 12): Warburg Pincus is in advanced talks to acquire a 20% stake in United Trust Bank that would value the UK specialty lender at about £500 million (RM2.82 billion), according to people familiar with the matter.

The private equity firm and the bank could announce an agreement as soon as this week, the people said, asking not to be identified because the discussions are private.

A representative for Warburg declined to comment. United Trust Bank didn’t immediately respond to a request for comment.

United Trust Bank says it has about 60,000 deposit customers and almost £4 billion in assets, with divisions in areas such as development, structured and asset finance, as well as mortgages. 

Funds advised by New York-based Warburg began investing in Europe in 1983 and have put more than US$15 billion (RM66.42 billion) in over 125 companies in the region, according to a statement by the firm.

Warburg added London Specialist Risk Group Ltd to its portfolio in May, acquiring the independent insurance intermediary along with Singapore’s Temasek Holdings Pte.

Bloomberg News reported in October that Warburg was weighing a buyout of German IT services company Nagarro SE. Also that month, Warburg appointed two senior advisers to its European business and global healthcare group.

More recently, Warburg and Apax Partners have been exploring an initial public offering of Odido Group Holding BV, the Dutch telecommunications business they acquired from Deutsche Telekom AG in 2021.

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