Amicus Finance has said 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 banking licence will enable Amicus to access an alternative and efficient source of funding by converting £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.
Amicus has appointed David Fisher, Alex Shapland and Paul Stevens as non-executive directors to the Board. Fisher is the former chief executive of Sainsbury’s Bank, Shapland was previously a partner at PricewaterhouseCoopers and Stevens is the former head of Investec Private Bank in the UK.
Amicus provides short term property loans, SME lending and working capital through three divisions: Amicus Property Finance, Amicus Commercial Finance and Norton Folgate.
John Jenkins, chief executive of Amicus, 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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“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, founder of Amicus and managing director of Amicus Property Finance, 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.”