Amicus applies for banking licence in UK
Amicus Finance announced that it has submitted a banking licence application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Subject to Authorisation it anticipates receiving its banking licence in 2017.
The new banking licence will enable Amicus to fulfil its long term growth objectives by accessing an alternative and efficient source of funding. In advance of Authorisation, Amicus will convert £30m of the debt currently used to fund its lending activities into equity and this will form the capital base of the bank’s operations.
In preparation for this next step in its evolution, Amicus has strengthened its senior management team and governance structure by appointing David Fisher, Alex Shapland and Paul Stevens as non-executive directors to the Board.
David Fisher is the former CEO of Sainsbury’s Bank, Alex Shapland was previously a Partner at PricewaterhouseCoopers and Paul Stevens is the former Head of Investec Private Bank in the UK.
Since its formation in 2009, Amicus has rapidly expanded its specialist lending activities and currently provides short term property loans, SME lending and working capital solutions through its three divisions, Amicus Property Finance, Amicus Commercial Finance and Norton Folgate.
Amicus CEO John Jenkins said: “Applying for a banking licence is an important milestone for Amicus as we continue our growth journey. Becoming a bank will ensure we have the resources to grow, adapt and evolve our proposition in the market over the coming years.
“I am delighted to welcome David Fisher, Alex Shapland and Paul Stevens to Amicus. They have outstanding reputations in the financial services sector and will play an important role in strengthening our governance structure as we prepare for the next phase of our growth.”
Keith Aldridge, Amicus founder and Amicus Property Finance managing director added: “From our modest beginnings in 2009, I am proud to be part of the ever expanding team driving our growth. This is positive news for Amicus Property Finance.
“Strengthening the board allows me to spend more time doing what I enjoy most, delivering for our customers and partners and capitalisation creates more capacity to deploy.”
Source: Company Press Release