Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
The Bank of England is preparing to reject a bid by digital bank Revolut for a UK banking licence, citing balance sheet issues, The Daily Telegraph newspaper reported on Friday.
Revolut, Britain’s most valuable fintech company, told the paper the issue in fact surrounded auditor concerns over revenues. The Bank of England made no comment when approached by AFP.
A licence, which Revolut has in the EU, would allow it to lend money as well as take deposits in the UK and is seen also as a gateway to gaining bank licences around the world.
Friday’s report meanwhile comes amid concerns over the health of the global banking sector.
Revolut chief executive Nik Storonsky recently cited the banking crisis, that caused the collapse of several US regional lenders, as making regulators ‘extra cautious’.
Refusal to grant Revolut a UK licence would be seen as a blow to the government, with Prime Minister Rishi Sunak seeking to maintain London’s position as a major financial hub following Brexit.
source: AFP
Copyright 2023 Alliance News Ltd. All Rights Reserved.