Deposit raising reaches £50m milestone
26 October 2020
Distribution Finance Capital Holdings plc
("DF Capital" or the "Company" together with its subsidiaries the "Group")
DF Capital Bank Reaches £50m Deposit Raising Milestone
Distribution Finance Capital Holdings plc, a newly authorised bank providing personal savings products and working capital solutions to dealers and manufacturers across the UK, announces that its subsidiary, DF Capital Bank Limited, has raised retail deposits in excess of £50m since its savings products were launched earlier this month.
The Group announced its maiden range of personal savings products on 14 October 2020 and has since added a 2 year fixed rate to its product range to meet the demands of savers. The Group expects to add further fixed rate products shortly and will complement this with the launch of online banking capabilities in 2021.
Retail deposits allow the Group to replace more expensive wholesale debt, grow its loan book and help drive its net interest margin towards the Group's stated target of c6%.
Carl D'Ammassa, Chief Executive of the Group commented: "We are delighted by the response we have received from depositors looking for a safe and secure home for their savings, whilst also earning market leading rates of interest. The re-assurance of the Financial Services Compensation Scheme's protection and a quick online application process is proving attractive. With over 3,000 accounts now open and our customers indicating they intend to deposit in excess of £100m with us, we anticipate further inflows over the coming weeks. In response to this strong demand, we have temporarily closed our 1 year fixed rate and 90 day notice accounts for new applications, but have exciting plans for additional products and even easier ways of banking with us in the pipeline."
For further information contact:
|
Distribution Finance Capital Holdings plc |
|
|
|
Carl D'Ammassa - Chief Executive Officer |
+44 (0) 161 413 3391 |
|
|
Kam Bansil - Head of Investor Relations |
+44 (0) 7779 229508 |
|
|
|
||
|
|
|
|
|
Investec Bank plc (Nomad and Broker) |
+44 (0) 207 597 5970 |
|
|
David Anderson Bruce Garrow Duncan Wilson |
|
|
|
|
|
|
|
Blue Pool Communications (Financial PR) |
|
|
|
Nick Lord |
+44 (0) 7501 271 083 |
|
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 3 hours ago NextEnergy Solar Fund Limited Red
- 3 hours ago Ashtead Group
- 3 hours ago Playtech
- 3 hours ago CRH (CDI)
- 3 hours ago Foxtons Group