Castle Trust has announced that it has entered into discussions with the PRA and FCA as it looks to pursue a banking licence application.
The news follows a period of growth for the specialist lender which now has approximately £750m of assets under management and £660m of bonds outstanding.
Castle Trust hopes the move into banking will support the continued evolution of the business and allow it to expand its product offering across both the mortgage, savings and consumer finance arms.
“We are delighted with the progress of the business to date and today marks a significant moment in the evolution of the company,” said Sean Oldfield, group chief executive at Castle Trust (pictured above).
“Making the application for a banking licence will allow us to continue our innovative approach to both investments and mortgages as the business continues to grow.”
In 2017, Castle Trust acquired Omni Capital Retail Finance.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
STB introduces 90% LTV mortgages to core range
Secure Trust Bank Mortgages has added 90% LTV products to its core range...
Revolut nears 3 million users
Revolut has announced that it tripled its user numbers in 2017 from 450,000 to 1.3 million...
Arbuthnot provides working capital facility to shower company
Arbuthnot Commercial Asset Based Lending (ABL) has provided a working capital facility to Majestic Shower Company...
Metro Bank names new NED
Metro Bank has announced the appointment of Catherine Brown as an independent non-executive director...
FP Show confirms Zopa co-founder as keynote speaker
James Alexander, co-founder and former CEO at Zopa (pictured above), has been named as the keynote speaker at the forthcoming Finance Professional Show...
Metro Bank provides £4m invoice finance line to healthcare business
Metro Bank has provided a £4m invoice finance line to medical insourcing specialist 18 Week Support Group...
Modulr to create over 30 new jobs in Scotland
Modulr has completed its latest funding round led by digital venture builder Blenheim Chalcot, which takes the latter’s total investment in the payments fintech to £10.5m...
Specialist banks answer need for products that ‘reflect the reality of today’s society’
Better service and products are the main reasons why a broker would use a specialist bank, according to the latest poll by Specialist Banking...
Leeds Building Society cuts rate on retirement interest-only mortgage
Leeds Building Society has reduced its five-year fixed rate on its retirement interest-only mortgage...
60% of people want to know where their money is invested
Six out of 10 people (60%) want to know where their money is invested, according to the latest research published by Charity Bank...
Why commercial banks are in danger of being left behind
Harnessing a customer-first, technology-led approach, retail banks are paving the way with innovation...