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.
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