Creators of First Global Trust Bank PLC, Gordian Knot, received confirmation that the bank had been granted authorisation with a restricted licence by the PRA in April 2016.
However, in October, Gordian applied to the PRA for the cancellation of First Global Bank’s authorisation with restricted licence.
The PRA has now confirmed the cancellation.
Gordian had created First Global Trust Bank as a wholesale bank with the aim of re-liquefying some of the markets damaged by the financial crisis.
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Revealing the reasons behind the cancellation, Gordian said: “Gordian spent a significant amount of time, effort and funds over the past five years in order to help reshape the financial landscape in a positive and safe manner.
“However, the combination of a difficult and fast-changing regulatory environment, coupled with the difficulties of trying to innovate in the financial markets post the 2008 crisis, forced us to take the difficult decision to apply for the authorisation to be withdrawn for the foreseeable future.”
Gordian said it would be continuing to apply its long-term vision and values in order to continue playing a major role in helping to shape the future of the financial industry in the most positive and safe way.
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