Castle Trust has announced it is rebranding and will now operate as ‘Castle Trust Bank’ following the receipt of a full banking licence and the conversion of all its existing investments into savings accounts.

The firm will initially offer savings products to existing customers reinvesting maturing funds and said it expects to launch new savings products for new customers in late July. Existing specialist property lending and Omni Capital Retail Finance arms will continue to offer the same services, with enhanced offerings to come later this year.

The group added that it expects to grow its specialist lending arm “significantly” as the market emerges from COVID-19, working with brokers to respond to borrower needs and reaching more brokers through clubs and networks. There are also plans to expand the Omni Capital Retail Finance offering later in the year.

Castle Trust Bank CEO, Martin Bischoff, commented: “This was a natural next step for us. Castle Trust has come a long way since the company was founded, growing to serve 200,000 borrowers and savers so we already benefit from a loyal customer base, who have indicated that they would like to do more business with us as we enhance our product range.

“As we step into the banking world, it seemed fitting that our brand would evolve to reflect that change too. Becoming ‘Castle Trust Bank’ sets out our stall as a fixture within the banking industry and gives us a platform from which to launch our new propositions.”

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