May 21, 2013 / 8:58 AM / 5 years ago

Buy-to-let lender Paragon to set up bank next year

LONDON, May 21 (Reuters) - 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.”

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