No banking licence for Cattles
Sub-prime lender Cattles has conceded defeat in its long-running attempt to secure a licence for banking deposits.
The group, which operates the Welcome Financial Services business, said it was unlikely to receive permission for a licence given the current market turmoil and ongoing uncertainty over its own debt position.
Batley, West Yorkshire-based Cattles said it had withdrawn its application to the Financial Services Authority until ``such a time as there is greater clarity on both these matters".
Shares dived by a third following the update, even though chief executive David Postings said the group continued to trade profitably and in line with expectations.
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