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Raphaels Bank to be wound down after failing to find buyer

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Raphaels Bank to be wound down after failing to find buyer

U.K. specialist bank R. Raphael & Sons PLC is to be wound down after failing to find a buyer, according to a March 10 report in The Times (London).

The 230-year old bank provides prepaid debit cards and runs a network of ATMs, having sold off most of its loan book to U.K. challenger bank Paragon Banking Group PLC in 2018, according to the report.

Raphaels Bank placed notices on its website informing holders of the Transcash, Avuba, 3V, Anytime and Paytop prepaid debit cards that they are terminating the products.

The bank still operates a large network of ATMs at stations across the London Underground network, providing both euros and sterling, according to its website.

Commenting on the news, a spokesperson for Raphaels Bank said, "It has been known for some time that the shareholders have been looking to divest themselves of their interests in the bank and to date, the Motor Lending division has been sold and we are gradually withdrawing from other lending activities.

"RRS continues to maintain its existing services at this time and is a sound, well-managed U.K. bank who are fully able to meet all obligations and commitments to their depositors, customers and partners."