Private & Commercial Fin Group Plc Grant of Banking Licence (1374R)
07 December 2016 - 6:00PM
UK Regulatory
TIDMPCF TIDMTTM
RNS Number : 1374R
Private & Commercial Fin Group Plc
07 December 2016
7 December 2016
Private & Commercial Finance Group plc
("PCFG", the "Company" or the "Group")
Grant of Banking Licence
PCFG, the AIM quoted finance house, is pleased to announce that
it was advised on 6 December 2016 that its application for a
Banking Licence has been successful and has been approved by the
Prudential Regulatory Authority ("PRA") and the Financial Conduct
Authority ("FCA").
PCFG is now authorised with restrictions as a bank and enters
into a mobilisation period of up to 12 months. The authorisation
requires us to undertake a number of actions before the bank can
apply for those restrictions to be lifted. These actions include
the development of an enhanced governance framework and the
delivery of new technology platforms. These are designed to protect
both the Company and new customers, and have been agreed with the
PRA and FCA to ensure smooth delivery of PCFG's deposit taking
proposition.
As part of the Banking Licence application, PCFG is already well
advanced with these processes and the new bank is expected to take
its first deposits in summer 2017. Initially, the bank will support
PCFG's chosen specialist sectors of consumer motor finance and SME
asset finance. Once the bank is established, the Board will assess
its options for extending the Group's range of financial
products.
Further details on the mobilisation project will be included in
the Final Results to be announced on 8 December 2016.
Scott Maybury, CEO, commented: "This is an exciting and
transformational event in the history of the Group. I would like to
thank the Prudential Regulatory Authority and Financial Conduct
Authority 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. The staff have developed both
individually and collectively to meet this challenge."
"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. 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."
- end -
For further information, please contact:
Private & Commercial Finance Tel: +44 (0)
Group 20 7222 2426
Scott Maybury, Chief Executive
Officer
Robert Murray, Managing Director
David Bull, Finance Director
Tavistock Communications Tel: +44 (0)
Jos Simson / Niall Walsh 20 7920 3150
Panmure Gordon (UK) Limited Tel: +44 (0)
Atholl Tweedie / Adam James 20 7886 2500
/ Peter Steel - Corporate Finance
Charles Leigh-Pemberton - Corporate
Broking
Stockdale Securities Tel: +44 (0)
Henry Willcocks 20 7601 6100
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No. 596/2014.
About Private & Commercial Finance Group plc
(www.pcfg.co.uk)
Established in 1994, Private & Commercial Finance Group plc
is an AIM-quoted finance house which has two main operating
divisions:
-- Consumer Finance which provides finance for motor vehicles to consumers; and
-- Business Finance which provides finance for vehicles, plant and equipment to SMEs.
The Group has a highly efficient and scalable business model,
utilising its specially developed internet-based proposal system to
service national networks of brokers and suppliers.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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