Paragon Group, a UK-based credit and financial services business, has launched its banking business following approval from the UK’s Prudential Regulation Authority (PRA).

The new start up will offer savings and loans for UK consumers and SMEs, leveraging its low-cost mortgage and consumer finance lending expertise.

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Trading from its headquarters in Solihull, Paragon Bank will provide lending products using established intermediary channels and through the growing use of the internet for its savings products.

The company has appointed former ING Direct UK CEO Richard Doe as the new managing director of the bank.

Initially, Paragon Bank will provide car finance loans available via brokers and car dealers, using bespoke online systems.

Paragon Bank will also offer competitively-priced savings products direct to consumers, launching with easy access and fixed rate savings accounts in the spring of 2014.

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Furthermore, it has plans to offer personal loans through brokers later in the year.