By Josh White
Date: Monday 19 Oct 2020
LONDON (ShareCast) - (Sharecast News) - Insurance premium and professions funding specialist Orchard Funding Group announced it was cancelling its application for a banking licence on Monday.
The AIM-traded firm put the decision down to current uncertain economic conditions, as a result of the Covid-19 pandemic.
"The company has decided to withdraw its application for a banking licence to focus on its core business activities," the board said in its short statement.
At 0828 BST, shares in Orchard Funding were down 5.69% at 58p.
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