Private & Commercial Finance Group (“PCFG”) has relaunched as PCF Bank, allowing the company to expand its vehicle and asset finance operations and have a broader, more attractive offering to brokers. PCFG has been offering asset-backed finance solutions in the vehicle, plant and equipment markets for over 20 years, and has supported the broker sector continuously over that period.
The move to bank status will mean that it will be able to offer more attractive rates in the prime segments of the market whilst maintaining its existing offerings and high standards of service. The process of mobilising the bank, allowing PCF Bank to take deposits from retail customers, is expected to be completed over the coming month. Building up a retail deposit base will reduce the cost of funds for the bank and allow it to lend competitively and with enhanced terms, at rates which were previously uneconomic for it.
PCF Bank says that it will remain focused on its core markets of consumer motor and SME asset finance, with the intention of scaling up its loan portfolio to £350 million over the next three years and £750 million over the next five years.
Robert Murray, Managing Director of PCF Bank stated, “PCF’s extremely strong relationships across our network are a key strength of the company, and have been developed as a result of our high level of very personal service.
“We are delighted that our transition to a bank will allow us to offer enhanced terms to our brokers, at competitive rates which were previously beyond our reach. Our business philosophy and reputation are very important to us, and we remain focused on our key areas of consumer car finance and SME asset finance, where there are significant opportunities for us to increase our market share.”
Scott Maybury, CEO of PCF Bank said, “Our business continues to grow organically as our strong network of broker contacts recognises the quality of our work, and it is time to expand that offering. The banking licence has been two years in the making, and following a successful Friends and Family trial last month we expect to take our first retail deposits later this month. Access to the retail deposit market is transformational for PCF Bank, and these are very exciting times.”