Distrib. Fin. Share News (DFCH)

(Sharecast News) - Niche lender Distribution Finance named former GE Capital executive Carl D'Ammassa as its new permanent chief executive on Wednesday, as the group's efforts to obtain a bank licence remain ongoing.
D'Ammassa will join Distribution from White Oak, where he started at in July 2019, no later than 31 March.

While the AIM-listed group said finding a CEO was "an immediate focus for the board", Distribution said business remained "robust" and highlighted that its unaudited loan book had reached £208m on 31 December 2019 - representing an annualised growth of 82% year-on-year.

However, Distribution said delays to obtaining a bank license would have an impact on its ability to satisfy demand for its products.

Distribution said it was conscious of managing origination demand for its products and added that it now intends to ensure that its loan book growth stabilises until it has secured a bank license.

Chairman John Baines said: "We are delighted to have secured the talents of Carl at this pivotal moment for the company as we continue to implement our wider business strategy.

"Carl brings an enormous depth of experience to the company and we are excited about the leadership that he will bring to the business."

As of 1345 GMT, Distribution Finance shares were down 4.40% at 87p.