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Private & Commercial Finance CEO says banking licence will transform business

Published: 09:09 09 Jun 2015 EDT

The chief executive of Private & Commercial Finance Group (LON:PCF), Scott Maybury, says the size and scale of the company will be transformed once it secures a banking licence.

Speaking to Proactive, the CEO explains why securing a licence is a key objective as it would allow the firm to access retail depositors and provide the group with a more diversified and lower cost treasury platform.

Maybury’s comments came after Private & Commercial reported a profit before tax rose 69% to £2.1mln from £1.25mln the year before, marginally beating the consensus market forecast of £2mln.

The group does not pay dividends at present, but the board intends to ask shareholders to vote in favour of a balance sheet restructuring this September to enable the company to return to the dividend list in due course.

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