bank
Fact Sheet
August 2014
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Paragon Bank is part of the FTSE 250
Paragon Group of Companies, the UK’s
leading independent, buy-to-let lender
and consumer finance specialist....
Paragon Bank
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Launched in February 2014, Paragon Bank is a new British bank targeting opportunities
in the UK consumer finance and SME markets.
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Paragon Bank is part of the FTSE 250 Paragon Group of Companies, the UK’s leading
independent, buy-to-let lender and consumer finance specialist. Established in 1985,
Paragon Group has over £10 billion of assets under management.
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The development of Paragon Bank builds on the Group’s heritage, model and resources
– extending the Group’s specialist lending expertise into new markets and leveraging its
low-cost, centralised operating model to minimise start-up costs.
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Paragon Bank is led by Managing Director, Richard Doe, previously Chief Executive of
ING Direct UK, with an experienced banking and consumer finance management team
and Board of Directors.
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In its first year, Paragon Bank is planning to launch four product ranges – savings, car
finance, personal loans and buy-to-let. It will concentrate its initial lending in areas where
the Group has previous success and extensive experience.
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Paragon Bank doesn’t offer complicated products or operate an expensive branch network
– just safe, simple and transparent savings products available direct to consumers online
and straightforward loan products distributed through a trusted network of intermediaries.
Safe, simple and transparent savings products
available direct to consumers...
Andrew Smithson, Finance Director
Andrew was Head of Finance at Unity Trust Bank between 2005 and 2013. Prior to working at Unity Trust Bank, Andrew worked for the Financial Services Authority and for KPMG in the audit and advisory practices. Andrew is a Chartered Accountant and a member of ICAEW.
Richard Doe, Managing Director
Until 2013, Richard was CEO of ING Direct UK, having previously been Marketing & Strategy Director. Prior to working at ING, Richard held a number of senior marketing positions in the financial services industry including at The Woolwich and Legal & General. Richard is a Chartered Banker.
Julian Rance, Head of Car Finance
Julian has over 25 years’ experience in the car finance market, 11 years spent with Forward Trust Group and 17 years with Paragon Group. Julian was Managing Director of Paragon’s previous car finance asset origination business and has management experience in all aspects of the car finance market, including consumer, corporate and wholesale funding.
John Webb, Head of Personal Loans
John has over 30 years’ experience in the secured loans market and, prior to joining Paragon, managed the two secured loans companies owned by HFC Bank. John joined Paragon Group in 1999 and helped to set up the previous personal loans business, Paragon Personal Finance Limited. John became Managing Director in 2002 and established the company as a leading supplier to the secured loans broker market. John is Chairman of the FLA Secured Lenders Group.
Malcolm Hayes, Chief Risk Officer
Malcolm joined Paragon Bank from Lloyds Bank plc where he was most recently the Control Function Director for the SME Banking business. Malcolm has over 30 years’ experience in banking and has held a range of senior positions spanning all major risk disciplines.
Stephen Blaney, Non-Executive Chairman
Stephen has held a number of senior executive and non-executive appointments in the financial services industry, including Chairman of the Fairmount Group plc, Managing Director of Legal & General Financial Services and Managing Director of the UK private bank, Brown Shipley where he was executive Chairman until 2012. Stephen is currently a non-executive director at Blevin Franks and is a member of the Chartered Institute for Securities and Investment.
Nigel Terrington, Non-Executive Director
Nigel is Chief Executive of The Paragon Group of Companies. He joined the Group in 1987 and became Chief Executive in 1995, having previously held the positions of Treasurer and Finance Director. Prior to joining the Group, Nigel worked in investment banking. He is a member of HM Treasury’s Home Finance Forum, and he has previously held the positions of Chairman of the Council of Mortgage Lenders, Chairman of the Intermediary Mortgage Lenders Association, Chairman of the FLA Consumer Finance Division and Board member of the Finance & Leasing Association. He is an Associate of the Chartered Institute of Bankers.
Patrick Newberry, Non-Executive Director
Patrick spent 25 years as a consulting and regulatory partner with PWC until his retirement in 2013, concentrating on the financial services industry. He was a member of PwC’s Supervisory Board, Chair of the Strategy, Governance & International Sub Committee and a member of the Audit & Risk Committee. Over the course of his career, Patrick has established close links with the FCA and Bank of England regulatory teams, as well as the Government and he is a frequent public speaker and author on issues affecting the financial services industry. Patrick is a Non-Executive Director of Unipart Expert Practices.
Paragon Savings
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Paragon Bank’s savings products include: Easy Access, Notice and Fixed Rate Savings
Accounts.
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Safe, straightforward and transparent, Paragon Bank’s savings products are available
online, with support from a UK-based customer services team.
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Paragon Bank will expand its savings product range over time.
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Paragon Bank is registered under the Financial Services Compensation Scheme (FSCS)
which protects eligible deposits up to a total of £85,000.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.
Over £1 trillion
outstanding UK retail savings
deposits as at December 2013
Direct Access Accounts
Fixed Rate Accounts ISAs
of UK savings
accounts opened
and managed online
43
%
(Source: Bank of England/FCA)
Paragon Car Finance
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Paragon has a decade of experience in prime car finance products, previously writing in
excess of £900 million of car loans.
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Paragon Car Finance offers a choice of competitively-priced hire purchase and lease
purchase products with clear and flexible terms for consumers and corporates, via
authorised dealers and brokers.
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All products are backed by a fast, new, easy-to-use online application and processing
system, together with best-in-class service – all designed to offer consumers more choice.
2.26 million
new UK car registrations in 2013
(Source: SMMT)
6.7 million
UK used car sales in 2013
(Source: SMMT)
£28 billion
of car finance arranged in the
UK in 2013, up 18% on
the previous year
Paragon Personal Finance
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Paragon Bank’s personal loans will be available from Paragon Personal Finance later
this year through a network of approved intermediaries.
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The launch of Paragon Personal Finance marks the Group’s return to a market in which
it has over a decade of previous experience.
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Paragon will offer a choice of competitive rates, market-leading systems and top-quality
service, designed to offer consumers more choice.
.
£445 million
secured personal loans arranged
in the UK in 2013, up 37%
on the previous year
(Source: FLA)
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Buy-to-let
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