Business
Application for Bank Licence & New Appointments
Application for Bank Licence & New Appointments.
About this update from Orchard Funding Ltd.
[{"type":"text","content":"\n \nRNS Number : 2072U Orchard Funding Group PLC 11 July 2018 \n\nOrchard Funding Group PLC\n(\"Orchard Funding Group\" or the \"Company\")\nApplication for Bank Licence and New Appointments\nand Notice of Trading Update\nOrchard Funding Group PLC, the finance company which specialises in insurance premium finance and the professions funding market, is pleased to announce that it has submitted an application for a bank licence to the Prudential Regulatory Authority and the Financial Conduct Authority (the \"Application\").\nThe Company also announces the appointment of Mr Rajiv Agarwal as Director of Legal and Compliance as well as the appointment of Mr Harsukh Soni, who will be appointed as Chief Financial Officer upon the Application being approved and subject to receiving regulatory approval .\nThe Application\nThe Application has been made to obtain a bank licence for Orchard Funding Group to ensure that the Company is no longer wholly reliant on 3rd party banks for its funding requirements, to reduce the Company's cost of funds, as well as enabling the Company to increase its lending in its target markets.\nThe Company anticipates receiving the bank licence at the end of 2018, following which there will be a period of mobilisation.\nThe Appointments\nMr Soni has over 28 years' of experience in the financial services sector. Mr Soni spent over 7 years as Finance Manager of Sun Bank and nearly 20 years' in senior financial positions at Santander. Mr Soni has a great deal of experience and expertise in the fulfilment of the financial and regulatory obligations of banking institutions. A further announcement will be made in respect of his appointment in due course.\nMr Agarwal has over 40 years' experience in the financial services sector. Mr Agarwal was Head of Compliance and MLRO at State Bank of India in London and Head of Compliance and MLRO at Matlock Bank. Mr Agarwal has a great deal of experience and expertise in the fulfilment of the compliance obligations of banking institutions.\nNotice of Trading Update\nThe Company expects to update the market in respect of the 12 months ending 31 July 2018 during August 2018.\n \nRavi Takhar, Chief Executive Officer of Orchard Funding Group, commented:\n\"We are pleased to announce the submission of our Application for a bank licence for Orchard. We also welcome Harsukh...