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Eight banking licence applications made between March and July

Theo Osborn | 07:30 Wednesday 3rd October 2018

Eight banking licence applications have been made in the five months to the end of July this year, according to the PRA.

A freedom of information request submitted by Specialist Banking found that this was the total number of applications made from 1st March 2018 to 31st July 2018.

It also revealed there were 10 applications from firms wishing to set up as new banks during the 12-month period from 1st March 2017 to 28th February 2018.

However, the 2017/18 period saw a decline compared with the period 1st March 2016 to 28th February 2017 when there were 13 applications.

This year, Pepper Money, Castle Trust and Project BankNorth have announced plans to obtain banking licences.

Zopa is also aiming to secure a banking licence after raising £44m in its most recent fundraising round.

In total, 52 banking licence applications have been made from 1st April 2013 until 31st July 2018.

Research by Specialist Banking earlier this year found that 12 banking licence applications were approved by the PRA between 1st March 2017 and 31st December 2017.

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