Bank

Asset finance lender granted banking licence




Specialist lender Private & Commercial Finance Group (PCFG) has been granted a banking licence by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

The London-based asset finance group is now authorised with restrictions until it develops an enhanced governance framework and new technology platforms.

PCFG is already well advanced with these processes and expects to take its first deposits in summer 2017.

Scott Maybury, CEO of PCFG, said: “This is an exciting and transformational event in the history of the group.

“I would like to thank the PRA and FCA for their guidance and assistance throughout the process.

“The support of our majority shareholder Bermuda Commercial Bank has also been key, however the highest praise must go to the whole team at PCFG who, through their diligence and professionalism, have delivered this strategic goal.”

Initially, the bank will support PCFG’s consumer motor finance and SME asset finance offerings.

Once the bank is established, the board will assess its options for extending PCFG’s range of financial products.

“Unusually for a new bank entrant, we are not a start-up operation and we will be launching from the foundation of an established, focussed and strongly profitable operation,” Scott added.

“This provides the ideal platform for further growth and our continued success.

“A diversified source of funding will not only allow us to scale up our loan book significantly, but also mitigates risk in times of economic uncertainty.

“We look to the future with great optimism.”

Leave a comment