StockMarketWire.com - 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
Story provided by StockMarketWire.com
Shares Magazine
Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events
Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.