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(Alliance News) - Orchard Funding Group PLC said Monday it has withdrawn its applications for a UK banking licence.
Orchard said it withdrew the licence as a result of the "current uncertain economic conditions due to Covid-19".
Instead, Orchard said it will continue to focus on its core business activities in insurance premium finance and the professions funding market.
Orchard said operates through two wholly owned subsidiaries: Bexhill UK and Orchard Funding. Bexhill provides insurance premium funding to UK insurance brokers and Orchard Funding provides professional fee funding to accounting firms.
Shares in Orchard Funding were down 5.7% in London on Monday mid-morning at 58.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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