U.K. Developer Candy Plans to Set Up Bank, Telegraph Reports

U.K. property entrepreneur Christian Candy, who with his brother Nick developed the One Hyde Park project in London, plans to set up a 200 million-pound ($316 million) bridge-loan fund as a first step to creating a bank, the Sunday Telegraph reported, citing Candy.

Candy may also discuss obtaining an additional 20 million pounds of bridge financing from a London-based hedge fund, the newspaper said, without disclosing where it got the information.

Details of the fund are due to be released shortly, the Telegraph added. The fund, which will be offered to individuals through CPC Group’s Omni Capital unit, is part of a move to expand Omni into a financial services company that will include insurance and banking, the newspaper said, citing Christian Candy.

To contact the reporter on this story: Karen Eeuwens in London at keeuwens@bloomberg.net

To contact the editor responsible for this story: Francisco Marcelino at mdeoliveira@bloomberg.net

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