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DJ Forbes Ventures Plc Investee Company Update

 
TIDMFOR 
 
Forbes Ventures 
 
                          ("Forbes" or the "Company") 
 
                            Investee Company Update 
 
Forbes Ventures is pleased to announce that its investee company CivilisedBank 
released a statement on 23 May 2017 confirming that it had received its banking 
license from the Bank of England. 
 
Forbes holds 4,545 ordinary shares in CivilisedBank. 
 
Below is an extract of CivilisedBank's statement: 
 
CivilisedBank receives banking licence as it reinvents traditional banking for 
businesses 
 
CivilisedBank, the new branchless digital bank with a Local Banker network, 
today announced that it has received its banking licence from the Bank of 
England. The licence is a significant step for the bank and paves the way for 
it to build its infrastructure and launch to customers in early 2018. 
 
Focused on the UK SME market and funded by retail savings, CivilisedBank will 
serve businesses through savings and loans, transaction banking, overdrafts, 
current accounts with deposits and foreign exchange. The new relationship 
banking service will cater to the SME market in a way that isn't currently 
offered by the incumbents or online-only banks. CivilisedBank will also address 
the UK retail market with a range of savings products. 
 
CivilisedBank will reinvent traditional banking for businesses through a 
network of Local Bankers working in their communities and underpinned by the 
latest online technology. Its unique, branchless Local Banker network will help 
build one-to-one relationships with SMEs, without the high client volume per 
banker or the traditional costs associated with traditional high street banks. 
Within 5 years CivilisedBank aims to have a Local Banker, as opposed to a 
branch, in every major town and city in the UK. 
 
Chris Jolly, Chairman, CivilisedBank said: "We are reinventing traditional 
banking for businesses by bringing back one-to-one relationship banking to 
SMEs, enabled by the very latest technology - both online and mobile. We want 
to return to a civilised way of banking with personal service backed by 
effective technology without any legacy issues. CivilisedBank represents a 
cultural innovation in banking and a genuinely new approach in the UK market." 
 
"The majority of the funding for the build phase has come from Warwick Capital 
Partners, a London-based investment manager. They have developed a very good 
understanding of our business model and we look forward to continuing what is 
already an excellent working relationship with them." 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
                                     ENDS 
 
For further information, please contact: 
 
Forbes Ventures 
 
Peter Moss                                         +44 20 3405 6214 
 
NEX Exchange Corporate Adviser 
 
Peterhouse Corporate Finance Limited 
 
Guy Miller and Fungai Ndoro                        +44 20 7469 0930 
 
About the Company 
 
Forbes Ventures is an investment company with a focus on investing in companies 
in inefficient market sectors and using technology to improve those companies' 
efficiency and scalability. It is focused on three sectors: Leisure, Finance 
and Health and Social Care, and is targeting investments in residential and 
domiciliary healthcare, leisure and challenger companies/technologies 
disrupting the finance sector. Forbes Ventures' strategy is to invest, add 
value and pursue each of its investments up until profitable and then exit 
through IPO, Private Equity or Trade Sales within a 3-5 year time horizon. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 25, 2017 05:00 ET (09:00 GMT)