Singaporean sovereign investor GIC has acquired a 10% stake in British specialist bank OakNorth from Indiabulls Housing Finance in a deal valued at approximately $120m.
OakNorth provides loans to businesses and property developers. The deal follows a £154m investment in OakNorth in October this year from investors including Coltrane, Toscafund and The Clermont Group.
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OakNorth intends to use GIC’s investment to expand its global business by launching its ‘fintech’ platform ACORN machine, which uses data collection and processing to assist lending decisions.
Indiabulls acquired a 40 % stake in OakNorth Bank for $100m in Novembers 2015.
OakNorth was launched in 2015 after the financial crisis in 2008 when the Bank of England lowered the capital requirements to set up new banks.
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