Last checked at 29 Sep 2020 10:55
29 September 2020
Distribution Finance Capital Holdings plc("DF Capital", "the Group" or the "Company" or together with its subsidiaries the "DFC Group")
DF Capital granted banking licence
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.
The Company has scheduled a webinar Investor Presentation at 9.30am on 30 September 2020, at which time an update on strategy will be presented, alongside the Group's Interim Results. Details of the event can be obtained by emailing cosec@dfcapital.co.uk.
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".
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulations (Regulation (EU) No.596/2014). For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Carl D'Ammassa, Chief Executive Officer of the Company.
Enquiries:
Distribution Finance Capital Holdings plc |
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Carl D'Ammassa - Chief Executive Officer | +44 (0) 161 413 3391 |
Kam Bansil - Head of Investor Relations | +44 (0) 7779 229508 |
http://www.dfcapital-investors.com |
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Investec Bank plc (NOMAD and broker) |
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David Anderson | +44 (0) 20 7597 5970 |
Bruce Garrow |
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Duncan Wilson |
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Blue Pool Communications (Financial PR) |
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Nick Lord | +44 (0) 7501 271 083 |