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16 Nov 2018 | 13:34

City of London submits plan to regulators for new banking business

City of London Group said subsidiary Recognise had submitted a business plan to regulators related to its application for a banking licence.

The plan, submitted to the Prudential Regulation Authority, set out five-year targets for a business with a loan book of £1.0bn-to-£1.2bn and deposits of £1.2bn-to-£1.4bn.

The plan also envisioned the bank having a net interest margin of 4.0%-to-4.5% and a cost to income ratio of 35%-to-40%.

As previously indicated, City of London said it planned to raise new capital of between £20m and £30m to support the development of the lending business in 2019.

At 1:34pm: (LON:CIN) City of London Group PLC share price was +2.5p at 140p

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