Banking News

Lender PCF Group to withdraw from UK banking market

Nov 9 (Reuters) – British lender PCF Group (PCF.L) said on Wednesday it would start a process to withdraw from the UK’s banking market and will not recommence lending, after its efforts to raise capital or seek other options failed.

The announcement comes after financial services provider Castle Trust Capital in September withdrew its intention to make an offer for the lender.

PCF said on Wednesday it would manage its loan and savings portfolio positions down over time and will look to reduce its cost base, which could include a possible sale of all or parts of its loan portfolio.

The company also said it will continue to explore strategic transactions with interested third parties.

Reporting by Sinchita Mitra in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

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