18th Feb 2015 09:11
LONDON (Alliance News) - S&U PLC Wednesday said it has appointed a new board member with 28 years' experience in supervision, as the lender steps up its efforts to be granted a deposit-taking licence.
In a statement, S&U said it has appointed Graham Pedersen, formerly of the Bank of England's Prudential Regulation Authority (PRA), as an independent non-executive director.
S&U Chairman Anthony Coombs said Pedersen's experience would bring benefits to the company, highlighting the new director's knowledge of the motor finance sector.
"As the group progresses its full authorisations in home credit and motor finance divisions with the Financial Conduct Authority this year, Graham's expertise will be invaluable," Coombs said.
S&U wants to diversify its sources of funding and is considering a formal application for deposit-taking status with the PRA in the first half of this year as it looks to expand in the coming years. A deposit-taking license would allow S&U to perform more of the functions associated with a traditional bank, while giving it a source of lower-cost funding for its lending operations.
According to S&U, Pedersen's experience with the Bank of England, Prudential Regulation Authority, and the Financial Services Authority spanned from 1986 to 2014.
S&U shares were flat at 2,105.50 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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