<article>Singaporean sovereign investor GIC will take a 10 percent stake in British specialist bank OakNorth for 90 million pounds ($118 million), OakNorth said on Friday.</article>

Singaporean sovereign investor GIC will take a 10 percent stake in British specialist bank OakNorth for 90 million pounds ($118 million), OakNorth said on Friday.
The bank, which lends to businesses and property developers, said GIC has signed a deal to buy the stake from Indian conglomerate Indiabulls.
It follows on the heels of a 154 million pound investment in OakNorth last month from investors Coltrane, Toscafund and The Clermont Group.
OakNorth said GIC&#8217;s investment will assist OakNorth&#8217;s plans to expand its global business via the launch of its &#8216;fintech&#8217; platform ACORN machine, which is designed to use data collection and processing to assist lending decisions.
Founded in 2015 by entrepreneurs Rishi Khosla and Joel Perlman, OakNorth is one of a new breed of British lenders launched after the financial crisis in 2008 when the Bank of England lowered the capital requirements to set up new banks.
Britain&#8217;s vote to leave the European Union has been a boon to some small lenders like OakNorth in throwing up more lending opportunities, Khosla told Reuters last year.
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Reuters

Singaporean sovereign investor GIC will take a 10 percent stake in British specialist bank OakNorth for 90 million pounds ($118 million).

Singapore: GIC buys 10% stake in Britain's OakNorth bank for $118m

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Singapore: GIC buys 10% stake in Britain's OakNorth bank for $118m

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