19 July 2017 – launch of PCF Bank
The group has confirmed that it has now received regulatory approval to launch PCF Bank after three years of planning and preparation and it is therefore now operating as a fully-fledged bank and can take deposits from customers. This will provide a cheaper source of finance for the group’s operations and the group will now look to significantly increase the scale of its loan book with a target of £350m in three years and £750m in five years. The group believes that there is significant potential upside and we share that view. BUY.