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Paragon to reorganise and rebrand business

21 September 2017 09:56

The Paragon Group of Companies is reorganising its business to accelerate its transformation into a diversified specialist banking institution.

It said the reorganisation will increase operational and financial efficiency, enhancing engagement and delivery to customers and business partners and will increase the group's capacity to meet its growth plans.

As part of the reorganisation, the group intends to change its name to Paragon Banking Group.

The group's holding company has sold investments in Paragon Finance and certain legacy origination companies to Paragon Bank. All its lending and operating activities now sit below Paragon Bank, with the exception of Idem Capital.

All the group's employees are now employed by Paragon Bank or one of its subsidiaries.

The group said these actions reflect its strategy to source the majority of its funding from the retail deposit market, whilst using other sources opportunistically.

The changes will mean that Paragon Bank no longer requires substantial periodic capital injections from the group, as it will be self-sustaining.

Nigel Terrington, chief executive of Paragon, said: "This strategic reorganisation is the logical next step in our transition to a more broadly based banking group.

"The new name and rebranding reflects the strategy and will deliver greater clarity for our customers, and utilises the strength of the Paragon brand across the business.

"This revised organisational structure and the financial efficiency from aligning the vast majority of the group's business lines under the bank will help optimise funding and capital over time, thereby delivering improved competitiveness for customers, supporting greater capacity for growth and enhancing shareholder returns."

At 9:56am: (LON:PAG) Paragon Group of Companies The PLC share price was +4.65p at 412.75p

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