Simmons & Simmons has taken a first-time role for Secure Trust Bank on the retail bank's Alternative Investment Market (AIM) listing. The listing, announced on 28 October, has seen the fast-growing lender raise £25m, valuing it at £102m.

The deal also handed a role to Norton Rose, which acted for Hawkpoint Partners, the nominated adviser, and Collins Stewart, the broker.

Simmons also advised Secure Trust Bank's owner, Arbuthnot Banking Group, which is also AIM-listed and has an existing relationship with Simmons.

The Simmons team was led by City corporate partner Alan Karter, who advised on the listing as well as other aspects of the deal, including consumer finance, bank regulatory and employment matters. Simmons corporate partner Ed Baker also worked on the mandate, with Norton Rose corporate partner Richard Sheen heading the team for Hawkpoint.

Karter said the deal was interesting as it is uncommon for a listed parent company to list one of its subsidiaries, demonstrating the non-apparent value inside the organisation.

He added: "It was good to see that we were able to close this deal on a very tight timetable. We are very much hoping that it turns into a longstanding client relationship going forward."

Secure Trust Bank, which is based in the Midlands, charges UK retail customers a monthly fee to set up a current account without credit checks and which is linked to a pre-paid MasterCard. Its lending activities comprise motor finance, retail point of sale finance and personal unsecured lending.

Other firms to previously worked with the Arbuthnot Banking Group include Travers Smith and Pinsent Masons.