DF Capital granted banking licence

RNS Number : 4484A

Distribution Finance Cap. Hldgs PLC

29 September 2020

 

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 [e-mail].

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
Carl D'Ammassa - Chief Executive Officer	[phone]
Kam Bansil - Head of Investor Relations	[phone]
http://www.dfcapital-investors.com
Investec Bank plc (NOMAD and broker)
David Anderson	[phone]
Bruce Garrow
Duncan Wilson
Blue Pool Communications (Financial PR)
Nick Lord	[phone]

 

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