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Specialist lender Amicus applies for banking licence

by: Carmen Reichman
  • 18/10/2016
  • 0
Specialist lender Amicus applies for banking licence
Specialist lender Amicus has applied for a banking licence to be able to fund its further growth.

The lender currently provides short-term property loans, SME lending and working capital solutions through its three divisions, Amicus Property Finance, Amicus Commercial Finance and Norton Folgate but has plans to broaden its offering in the coming years.

It anticipates receiving the banking licence in 2017, subject to authorisation from the Prudential Regulation Authority and the Financial Conduct Authority.

Before that, it plans to convert £30m of debt, which it currently uses to fund its lending activities, into equity to form the capital base of the bank’s operations.

Launched in 2009, Amicus was formerly called Capital Bridging Finance but rebranded after its buyout of asset finance company Norton Folgate early last year.

It already spoke of becoming a bank at the time but said the cost of the licence was holding it back.

CEO John Jenkins (pictured) 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.”

In addition, the lender made a number of appointments in its senior management team, including former Sainsbury’s Bank chief executive David Fisher, previous PricewaterhouseCoopers partner Alex Shapland and former head of Investec Private Bank Paul Stevens as non-executive directors to the board.

Amicus founder and Amicus Property Finance managing director Keith Aldridge said: “From our modest beginnings in 2009, I am proud to be part of the ever expanding team driving our growth.

“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.”

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