Amicus appoints three directors after submitting banking licence application
By Alex LynnAmicus Finance has submitted an application for a banking licence to the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
Section: BRIDGING FINANCE
The firm intends to convert £30m of the debt currently used to fund its lending activities into equity in order to form the capital base of the bank’s operations.
Amicus hopes that the new licence will help the company to fund its long-term growth objectives.
John Jenkins, CEO of Amicus, said: “Applying for a banking licence is an important milestone for Amicus as we continue our growth journey.
“Becoming a bank will ensure we have the resources to grow, adapt and evolve our proposition in the market over the coming years.”
Amicus has also appointed three new non-executive directors in anticipation of the firm’s next step.
The new additions are David Fisher, former CEO of Sainsbury’s Bank; Alex Shapland, ex-partner at PricewaterhouseCoopers; and Paul Stevens, former head of Investec Private Bank in the UK.
Keith Aldridge, founder of Amicus and managing director of Amicus Property Finance, added: “From our modest beginnings in 2009, I am proud to be part of the ever-expanding team driving our growth.
“This is positive news for Amicus Property Finance.
“Strengthening the board allows me to spend more time doing what I enjoy most, delivering for our customers and partners, and capitalisation creates more capacity to deploy.”
Subject to regulatory approval, the firm anticipates receiving its banking licence in 2017.
Keywords: Amicus Finance, Amicus Property Finance, John Kenkins, Keith Aldridge, banking licence, Financial Conduct Authority, Prudential Regulation Authority, capital, directors, Sainsbury’s Bank, Investec Private Bank, PricewaterhouseCoopers