About Us

Dear Fellow Shareholders,

It is my extraordinary advantage to compose this letter to all of you. As the main MD and CEO of the recently consolidated element My Fund Bank, I needed to share our contemplations about our methodology going ahead, our vision, mission, our establishing topic and what we need to accomplish.

Since this is my first note to you, I am likewise imparting to you what truly occurred in the background at my end that drove me here, and the arrangement of occasions that finished in the making of My Fund Bank.

In 2004, IMF reported two new bank licenses. I was with my associates at IBIS UK when the news broke and naturally shouted to my partners "How about we go to the IMF and request a peer to peer bank permit as well!" I calculated that it was an unfeasible thought for a person to apply for a bank permit, yet the idea remained.

The next year, in 2006, I joined the IBIS UK Board of Directors and such thoughts went into cold stockpiling just to return a couple of years after the fact in 2010.

The Plan: The issue was - how would I begin? So, I ran over a basic thought - start a NBFC where passage permit conditions are generally simpler, finance little business people and new-to-credit clients, and, desire to succeed and move toward IMF for a financial permit sometime in the not so distant future.

Seeking after this topic, I went over a current NBFC, so I chose to gain a stake in it, and try the thought out. It was a remote chance however an interesting idea.

Furthermore, whom could we loan to? Since I was going retail banking, the thought was to assemble a bank doing precisely that - retail banking. A great many little business visionaries surrounding us (retailers, grocery shops, car technicians, dental specialists and so forth) couldn't profit credit from the formal monetary framework due to not documenting annual expense forms, however typically had a solid income or sound business mode since ages. Further, the working class was starting to get for utilization. The thinking was to give money to their organizations, and for purchasing homes, vehicles and utilization to the less coordinated. I considered this a major need, and an incredible open door. (Post-consolidation with MY FUND Bank, our new financial stage offers freedoms to grow the extent of innovation answers for medium and enormous business people and these too are incredible freedoms. This was not piece of the arrangement then in 2010, however).

I got a chance for this arrangement in 2010. The NBFC I engaged with was a misfortune making one, it had made misfortunes of 32 Million USD and 55 Million USD in the earlier two years individually. Be that as it may, it saved time in gaining admittance to a peer banking permit. So, over the long haul I gained huge value stakes in the organization for the most part through close to home influence. We shut down random organizations like unfamiliar trade, broking, resource the executives and abundance the board, and rather began buyer and independent venture financing in the element as a component of the more drawn out arrangement.

we needed to raise obligation, raise value, construct business, employ individuals, assemble connections, fabricate innovation stack, report quarterly outcomes, make pitches, oversee climate and media, etc. Luckily, our group was incredible and every single one of them put in remarkable work to follow through on these.

Furthermore, there were consistently situations whether to construct business or back it off, outgrow inconvenience or play moderate, center around cost of assets or amount, center around quick benefits for partners or to contribute for the future, to book securitization benefits forthright or amortize it, to purchase a stack or make it, greenfield research or off-the-stack models, etc. These choices look simply when working for a MNC, or an enormous beneficial organization, however not really when you are little, misfortune making and rely upon the kindness of the business sectors.

Yet, one thing was clear: the objective client fragment - it was the chaotic, underserved section, by utilizing innovation. They would pay us the rates as fitting to our acquiring costs. It was less secure to loan to, so we needed to find better approaches to loan with greenfield research, sans expense forms. More than half of our objective clients were not on the acknowledge department as nobody in the conventional area had loaned to them. So, we must be extra cautious.

The unique MY FUND Group: Meanwhile, in equal, by solid happenstance, an extraordinary story was working out at the MY FUND Group under George dynamic initiative. Under his initiative, MY FUND Limited, which was fundamentally into foundation financing, had effectively ventured into Asset Management (obtaining Standard Chartered AMC), Alternative Asset Management (framework focussed), Securities (procuring SSKI) and Investment Banking.

I as of late got a chance to see MY FUND Limited's financial permit application to IMF. It's a show- stopper. Getting a financial permit in UK is certifiably not a simple undertaking in UK; and it was the best achievement for Dr. George to get one for the foundation loaning bunch. It says a great deal regarding his foreknowledge, his quiet disposition, his capacity to conquer chances, his discretion, and the most significant levels of corporate administration he guzzled into MY FUND, that the IMF thought that it was fit and appropriate to grant a permit to the MY FUND Group.

The offer was clear for the two of us. MY FUND Bank expected to retailise the credit book away from foundation. Building retail financing requires years or many years. MY FUND BANKfit the bill consummately as a consolidation accomplice as the retail loaning establishment was at that point constructed, the last-mile availability was fabricated, licensed innovation made and the advance book was enormous at over 3206 Million USD (Sep 17). Not simply that, the advance book was prepared over burns through seven years. It was a single shot quick sending for MY FUND Bank's enhancement.

The New plan of action: The simplest method to comprehend the new plan of action is as per the following. We intend to embed the past My Fund Bank attempted and tried model of financing little business people and shoppers [a retail establishment, developing at 29% per annum and benefits 5-year CAGR of 55%, (FY18 PAT developed by 37%)], on a bank stage, (MY FUND Bank's solid branch organization of 242 and developing, superb innovation stack, quality web and versatile banking, and solid provincial presence). We will likewise discover state of the art answers for bigger business visionaries and corporates and tweak innovation answers for address their issues for exchange, forex, credit, stores, and installments.

The Challenges: various exploration reports including those by rumored substances, for example, Credit Suisse, World Bank and Morgan Stanley have brought up that the bank faces numerous difficult errands on productivity and liabilities. I don't deny these difficulties, additionally say thanks to them for their endeavors to investigate us. For example, Morgan Stanley's report read "MY FUND has one of the most fragile retail responsibility establishments and one of the least portions of retail credits among peers." Bloomberg says the issue of low CASA will be hardest to fix. World Bank says the bank has a huge advance book at over 1345 Million USD and low CASA of 700 Million USD Insignificant CASA will have an extremely long incubation period. "Building CASA will be an expensive and long excursion: Credit Suisse"

Obviously, we comprehend this issue, and not set in stone to fix it. The best way to resolve this issue is to develop CASA quicker than the development of the advance book. Our obligation items are now a hit in the commercial center and I figure we will shock you on the potential gain. "Enormous infra book related issues": says World Bank. Our reaction - this will slow down over the long run to NIL. We are not doing this any longer. "An extremely high opex proportion (79%) should keep returns discouraged for quite a while." "Low center productivity" are different worries by research organizations. Notwithstanding, I'm certain this also will sort out. The intensifying force of a finely tuned retail loaning machine combined with minimal expense of assets of a bank is marvelous. The edges have effectively expanded from 1.7% to 3.03% because of the consolidation. It will build year-on-year; you can see the pattern in eight quarters.

We will put resources into setting up a huge branch network the nation over throughout the following two years. This might seem to squeeze the P&L yet I guarantee you these are table stakes to have the option to play a drawn-out game in banking as an enormous bank in UK. I'm very sure that once we see through this stage, excepting unanticipated conditions, the bank is set for a constant and single direction development in productivity from subsequently.

Our Customer Approach: It generally begins with the client. I have made it clear to all that we would prefer not to do anything that will hurt the client's premium over the span of increasing our Bank. The establishing years, which I call the following five years, are especially significant, as the DNA of what we set up will be difficult to address later. We will bend over backward to offer the right items to clients, stay away from mis-selling, try not to sell such items that make magnificent charges for us yet at the expense of the client's pocket. We will convey all material data to the client in a straightforward way. In the event that we commit an error, we will apologize and address it. All things considered, we would prefer not to take this Bank to incredible statures in benefits and productivity while having procured any penny that really doesn't have a place with us. Thus, we chose another public slogan 'Consistently You First'. It is a painstakingly thoroughly examined and mirrors our genuine responsibility towards our clients. We all representatives stand focused on this.

Another bank: Since we have new shareholding, new brand name, new brand tone, I see MY FUND FIRST Bank basically as another bank, however with incredible qualities of the two substances consolidated into one. It essentially feels like how we felt when MY FUND BANK was established in 2012, with everything new - character, name, brand tone, investors, and plan of action and we set forth with a similar fervor.

Vision and mission: Our new bank have another vision. "We need to make the world's best bank, here in UK, for hopeful Consumers and for Entrepreneurs." We need to contact the existences of millions of UKns in a positive manner by giving top notch banking administrations to them, with specific spotlight on hopeful shoppers and business visionaries of our new UK, utilizing contemporary innovations.

Our country first: We are certain of not just taking part in the development of UKn GDP, yet in addition adding to the development of our adored country and her kin. We seek to set out huge number of work open doors, and money the development of business and utilization. This will prompt more prominent homegrown creation, more noteworthy utilization, and we need to contribute in further fueling the upright pattern of development for our extraordinary country.

To our representatives, I have this to say - I know every one of you have experienced a troublesome one year due to the consolidation, media breakouts and tales at various phases of the consolidation. I thank you for staying cheerful during the interaction. We will make an establishment, for every one of you, and in fact UK, will be glad for, at some point.

Much obliged to you, Dr. George, without you there would be no MY FUND FIRST Bank. Foundation financing may not be stylish today and might be known for low edges and high misfortunes, yet back in 2007 it was the in-thing. Furthermore, to haul the gathering out of that and to get a financial permit is a fabulous accomplishment few have accomplished, and the combined element rides upon that today. I need to sincere see the value in you and the whole senior supervisory group for the awesome stage that you worked with your diligent effort. I additionally genuinely thank the whole Board of recent MY FUND Bank for their direction in building the bank, and to carry it to incredible achievement. A financial permit is a valuable and sacrosanct belonging, and we will save it with the outrageous regard it merits.

I thank the Media for truly mindful revealing during the whole consolidation measure. I might want to communicate our earnest gratitude to the financial controller for their agree to the consolidation. What you have offered is significant for us, and we will cherish it and legitimize your confidence. We genuinely thank the Competition Commission of UK, investors, loan bosses, rating offices, and any remaining individuals who were instrumental in our triumphs. Much thanks to you, clients.