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PCF Group's retail bank hits £100mln retail deposits milestone sooner than expected

For PCF, the growing amount of retail deposits allows it to continue to replace more expensive wholesale bank debt, support its growth strategy and allow it to scale the lending portfolio more rapidly
Gold piggy bank
PCF's savings portfolio has an average account balance outstanding of around £45,000

PCF Group Plc (LON:PCF), the specialist bank, said the total value of deposits it has accepted from retail customers has surpassed the £100mln mark.

The milestone has been reached sooner than expected, with the retail bank having only started operations in July of last year.

WATCH: PCF Bank sees retail deposits exceed £100mln

PFC, which set up the bank to access a cheaper source of funds than the wholesale debt market, has seen around 2,500 new retail customers sign up since the bank commenced operations.

The group's strategy is to grow the lending portfolio to £350mln by September 2020 and £750mln by 2022. PCF announced last month that the lending portfolio had grown to £172mln already.

 

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