Castle Trust CEO: Banking licence is evolution, not revolution

Michael Lloyd

September 28, 2018

Castle Trust’s application for a banking licence is “more an evolution than a revolution”, its new chief executive officer, Martin Bischoff has claimed.

Speaking to intermediaries at the lender’s Annual Celebration in the City of London last night, Bischoff said: “Castle Trust is better funded than it ever has been, it is better capitalised, and it is profitable. That’s a good place to be.

“We’re already well on the way with our application for a banking licence, but I want to make it very clear that we aren’t looking to change Castle Trust beyond recognition. We think of it more as an evolution than a revolution.

“Our plans involve remaining as experts within the industry that we operate. We have no intentions of diluting our offering or making our proposition homogenous; our aim is to make this part of the industry our own and evolve our proposition to better serve you and your clients.”

Bischoff, who has held director roles at Santander and Royal Bank of Scotland, joined Castle Trust in May this year following the lender’s announcement that it was applying for a banking licence.

Also speaking at the event, Barry Searle, managing director of mortgages at Castle Trust, added: “We see short-term lets as an area where Castle Trust can really offer something different and we expect to write around 20% of our business next year on holiday lets.

“We will also have a big focus on our blended product that balances rolled up and serviced interest and we’ll continue to excel in large loans. If you have a loan of more than £2m, you should be speaking to us first.”

The Castle Trust Annual Celebration took place at the Grocers’ Hall yesterday evening, with more than 100 intermediaries joining the lender to celebrate some of its key achievements from the last 12 months, including record business levels and the introduction of a new online calculator.

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