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Private and Commercial Finance chief says banking licence application progressing

Scott Maybury, chief executive of Private and Commercial Finance Group (LON:PCF), says the company’s  application for a banking licence is ”going well,” and meetings with banking regulators PRA and FCA are “very promising.”

The finance house’s application was boosted  after major shareholder Somers  transferred and converted all its securities to subsidiary company Bermuda Commercial Bank.  Maybury told Proactive  the conversion of the loan notes was the first step in strengthening  the company’s balance sheet for the banking licence application.

Private and Commercial Finance also told investors it is restructuring the balance sheet so it can return to the dividend list.

Quick facts: PCF Group Plc

Price: 32 GBX

AIM:PCF
Market: AIM
Market Cap: £80.06 m
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