Orchard Funding Group has revealed that it has withdrawn its application for a banking licence.
The finance group — which specialises in insurance premium finance and the professions funding market — is conducting due diligence to determine whether it should acquire an existing bank with a licence.
It stated that in the event that it does not pursue the acquisition of an existing bank, it intends to re-submit its application for a banking licence in the near future.
Ravi Takhar, CEO at Orchard Funding Group, had previously stated that he was hopeful that the company would secure a bank licence by the end of 2018.
It had revealed that it had submitted an application to the PRA and the FCA in July 2018 in order to ensure it was no longer reliant on third-party banks for its funding requirements.
The finance group also announced that its loan book increased by 9.65% to £31.58m in the six months to 31st January 2019, while group profit before tax increased to £1.18m during the same period.
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