Short term lending specialist Amicus Finance is in early stage negotiations with the regulator on seeking a UK banking licence, the Financial Times reported citing undisclosed sources.
Amicus Finance CEO John Jenkins is planning to launch a retail bank with a focus on property-based lending.
Jenkins told the publication that although the firm could raise institutional funds to lend, a bank licence provided access to retail deposits and a wider range of capital sources.
"It’s important for us to get into the spaces we want to be in and then grow to critical scale," Jenkins said. "There is a receptive market for new banks."
Jenkins reveled that he was also considering the rapidly growing peer-to-peer sector as a way to attract retail funding. "The question is, should I have a peer-to-peer site — do you need to be a bank to access the retail market?"
Amicus currently offers first and second charge lending on residential and commercial investment properties for purchase, refurbishment and development.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData