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DF Capital granted banking licence

Source: DF Capital

Distribution Finance Capital Holdings plc, a niche lender providing working capital solutions to dealers and manufacturers across the UK, today announces that, following the resubmission of its banking licence application in August 2019, the Company has received confirmation from the Prudential Regulation Authority (PRA) that the PRA, with the consent of the Financial Conduct Authority (FCA), has authorised its subsidiary Distribution Finance Capital Limited as a bank.

The Company did not apply to use the optional "mobilisation" (authorised with a business restriction) process. The Company is, therefore, ready to launch its range of personal savings products to retail customers over the coming weeks through a digitised and paperless account opening process.

Distribution Finance Capital Ltd, the Group company that holds the banking licence, will be renamed DF Capital Bank Ltd, subject to regulatory approval.

Carl D'Ammassa, Chief Executive Officer commented: "This is an exciting time for DF Capital, as the Company can now unlock its full potential as a regulated bank. We have been bank-ready for some time so are pleased with this news and feel well placed to look beyond the near-term challenges of COVID-19 to support our dealer and manufacturer customers in the knowledge that we will have an additional, and sustainable, funding source in place. I believe we have all the tools we need to progress our growth plans, whilst remaining a strong and well-capitalised bank lender".

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