UK's Secure Trust raises motor finance mis-selling charge to $28 million

(Reuters) -Britain's Secure Trust Bank on Monday said it would need provisions of about 21 million pounds ($28.2 million) for compensating customers of the motor financing mis-selling scandal, roughly 16 million pounds higher than its previous projection.

The increase in provisions would reduce Secure Trust's CET1 ratio - a closely watched measure of spare cash at banks - by about 50 basis points to 12.8%, the company added.

($1 = 0.7447 pounds)

(Reporting by Ankita Bora in Bengaluru; Editing by Harikrishnan Nair)