Cattles to pass hat for £200 million
11 April 2012
Consumer credit firm Cattles plans to raise £200 million via a rights issue to allow it to apply for a banking licence.
It said its business is strong but the credit crunch has emphasised the attraction of being able to source funding other than in the money markets. In particular, it wants to set up a savings business, for which it needs a licence from the Financial Services Authority, and said it was targeting retail deposits of around £1 billion by the end of 2010.
It pointed out other successful entrants to the internet savings market had raised some £4 billion in the last couple of years.
