"We already have 200,000 customers and by making the transition, we expect to be able to extend an enhanced offering to both them and future customers"
Castle Trust is now authorised with restrictions as a bank and enters into a mobilisation period. During this period it will be required to undertake a number of actions which have been agreed with the PRA and the FCA and are aimed at protecting both Castle Trust and its customers.
Castle Trust is aiming to apply for the restrictions on its deposit taking to be lifted in time for it to start to take deposits from the public later this summer.
Castle Trust has also commenced three Schemes of Arrangement to convert its existing Fortress Bond and Housa customers into deposit holders following the lifting of its restrictions.
Additionally, the firm has appointed Richard Pym CBE as its new chair. Richard's most recent role was with AIB Group, where he chaired the company through the initial public offering in 2017 and led the board through the recovery from financial crisis.
Martin Bischoff, CEO of Castle Trust, said: “The granting of authorisation with restrictions marks an important moment in Castle Trust’s story.
“Our customers are at the heart of our drive to become a bank. We already have 200,000 customers and by making the transition, we expect to be able to extend an enhanced offering to both them and future customers for whom we’ll be the bank of choice.”
Richard added: “I’m delighted to join Castle Trust. The company is growing at pace and the granting of authorisation with restrictions heralds the start of great opportunities for the business to flourish.”
