This month, Paragon Bank’s parent company, The Paragon Group of Companies, marked an important milestone – reaching the 30th anniversary since its formation in 1985.The specialist finance Group has grown dramatically since launch, successfully navigating several economic cycles, managing regulatory changes and political events to become one of the UK’s leading independent buy-to-let lenders and consumer finance groups. Today, the Group employs over a 1,000 people, has over £10.5 billion of loan assets under management and services more than 400,000 customer accounts.
Spotting a new opportunity to grow the business, the Group gained a banking licence and launched Paragon Bank eighteen months ago in February 2014. With an experienced Board and an energetic staff, Paragon Bank is now the most rapidly developing part of the Group’s business and plans to mirror the longevity and sustained success of its parent company.
The relationship with its parent company has played a significant role in its growth. It has allowed Paragon Bank to draw on the expertise that has guided the Group for the past 30 years and enabled it to build its initial range of consistently competitive products for customers serviced at the same high standards associated with its parent.
Nigel Terrington, Chief Executive of Paragon Group of Companies, said:
The performance and reception of Paragon Bank has been terrific and it demonstrates the drive and innovative thinking that has kept The Paragon Group of Companies performing since 1985. We recognised a gap in the market where we could see the skills and expertise we had gained over the past 30 years could be developed to deliver a range of products underpinned with our ethos of simple, clear and competitive banking.