Lender PCF Group to withdraw from UK banking market (updated)

PCF SA

09/11/2022 07:36

(Adds background, more details)
       Nov 9 (Reuters) - British lender PCF Group  PCF.L  said
on Wednesday it would start a process to withdraw from the UK's
banking market and will not recommence lending, after its
efforts to raise capital or seek other options failed.
    The announcement comes after financial services provider
Castle Trust Capital in September withdrew its intention to make
an offer for the lender.
    PCF said on Wednesday it would manage its loan and savings
portfolio positions down over time and will look to reduce its
cost base, which could include a possible sale of all or parts
of its loan portfolio.
    The company also said it will continue to explore strategic
transactions with interested third parties. 
 (Reporting by Sinchita Mitra in Bengaluru; editing by
Uttaresh.V)
 ((Sinchita.Mitra@thomsonreuters.com;))