LONDON May 21 British buy-to-let mortgage
lender Paragon plans to set up a bank next year,
offering personal and car loans, Chief Executive Nigel
Terrington told Reuters on Tuesday.
Terrington said Paragon decided to launch the new venture
after Britain's financial regulator said it would relax capital
requirements for new entrants to the banking sector.
"We'd already decided to pursue the consumer finance market
through a banking route," he said. "At one point we were
pursuing entry via an acquisition but we changed that plan to go
the organic route."