Following this announcement, the Tuscan team is set to eventually integrate fully into the Allica team, which will enable it to access the latter’s funding base and distribution network in a secure and quick manner. Allica Bank will also be allowed to leverage Tuscan Capital’s already existing bridging expertise and broker network.
In addition, both financial institutions are expected to continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
According to the official press release, this initiative is expected to enable Allica Bank to further extend its commercial financial product offering. It will also allow its suite of capabilities to include bridging and refurbishment finance, with a focus on semi-commercial and full commercial bridging, alongside Tuscan’s offering in residential bridging.
At the same time, both financial institutions share the same vision to develop and transform the bridging market, with a priority set on the process of bringing back speed and security in the overall decision-making procedure. In addition, the acquisition is set to have a positive development for the Tuscan team, its partners, as well as the wider small and medium-sized enterprise (SME) community, as the company is looking forward to the proposition enhancements as well. Tuscan Capital will have the possibility to accelerate its work in making a bigger difference to the overall market as well.
The financial institutions are expected to share more insights on how they will be developing their bridging proposition in the following weeks.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now