Orchard Funding Group has revealed that it has withdrawn its application for a banking licence.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.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Shawbrook provides £5.4m facility to fund leisure park purchase
Shawbrook Bank has provided a £5.4m facility to Blue Sky Resorts to fund the purchase of the Spring Willows Leisure Park in Scarborough from the latter’s former landlord...
Tandem to launch financial education programme for young people
Tandem Bank has partnered with social mobility charity Brightside to launch Money Hacks — a dedicated financial education programme — in a local school...
Revolut launches savings platform for friends and family
Revolut has launched Group Vaults, a platform that enables customers to save with family and friends towards a common goal...
TSB announces two leadership appointments
TSB has appointed Robin Bulloch as customer banking director (pictured above) and Suresh Viswanathan as chief operating officer...
Industry reacts to Tesco Bank exiting mortgage market
Tesco Bank announced yesterday (21st May) that it had ceased new mortgage lending...
YellowDog names new CCO amid plans to enter financial services market
YellowDog has named James Stevens as its new chief commercial officer as part of its plans to enter the financial services market in the UK, US and Europe...
Is the UK punching beneath its weight when it comes to fintech?
The UK, and London in particular, has established itself as the world’s most important hub for fintech and an incubator of ideas, talent and capital. We must, therefore, ensure it retains its pre-eminence regardless of what Brexit brings...
Arbuthnot Commercial ABL funds MBI of Bornmore Metals
Arbuthnot Commercial ABL has funded the management buy-in (MBI) of non-ferrous metal stockholder Bornmore Metals...
Tesco Bank ceases new mortgage lending
Tesco Bank has announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio...
Aldermore grows from 30 to over 1,000 employees since launch
Aldermore has reached its 10-year banking milestone...
Charity Bank reports 43% lending surge in 2018
Charity Bank has revealed that it provided £48.6m to charities and social enterprises in 2018...