It is now authorised with restrictions as a bank and has entered into a mobilisation period.
During this time, Castle Trust will be required to undertake several actions which have been agreed with the regulators and are aimed at protecting both the bank and its customers.
The company noted that it was “well advanced” with the process and is now hoping to apply for the restrictions on its deposit taking to be lifted in time for it to begin taking deposits from the public later this summer.
“Our customers are at the heart of our drive to become a bank,” said Martin Bischoff, chief executive officer at Castle Trust (pictured above).
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“We already have 200,000 customers and, by making the transition, we expect to be able to extend an enhanced offering to both them and future customers for whom we’ll be the bank of choice.”
Tim Hanford, managing director at Castle Trust’s majority shareholder J.C. Flowers & Co. Europe, added: “We have seen Castle Trust develop from its inception in 2012, building its customer base and product propositions to the point where a banking licence became the obvious next step.”
Castle Trust has also announced a series of new appointments including Richard Pym CBE as chair; Eric Anstee as senior independent director and chair of the audit committee; and Melba Montague as non-executive director.
Richard’s most recent role was with AIB Group, where he chaired the company through an IPO in 2017.
Commenting on his appointment, Richard stated that he was “delighted” to join Castle Trust.
“The company is growing at pace and the granting of authorisation with restrictions heralds the start of great opportunities for the business to flourish.”
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