With Bank North having obtained its banking licence and progressing through its mobilisation period, this report updates investors on its rapid lending rollout – currently running better than plan in volumes, margins and loan to value (LTV). Further progress has been made, with recruitment, systems testing (including the savings product) and the risk management framework all moving the group forward out of its mobilisation period. The Series B capital raise is continuing, noting how some financials have been adversely affected by the Ukrainian crisis, while the valuations of others have risen. In this note, we highlight how Bank North’s characteristics are closest to those of the risers.
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