Buy-to-let and consumer finance specialist Paragon (PAG) has launched a banking subsidiary after regulators at the Prudential Regulatory Authority approved its banking licence.
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The subsidiary will initially focus on car finance through brokers and car dealers, but will also launch savings products from the spring. Later this year, it will seek to offer loans through intermediaries. The bank will be led by Richard Doe, the former chief executive of ING Direct UK.
