Statement on First Global Trust Bank PLC

On 4th April 2016 Gordian Knot received confirmation that First Global Trust Bank PLC (FGTB) had been granted an authorisation with restriction licence by the PRA.

Gordian designed FGTB to be a simple, safe and narrow wholesale bank with the aim of re-liquefying some of the markets severely damaged during the last financial crisis and to help lower the cost and availability of credit to the wider economy. Gordian spent a significant amount of time, effort and funds over the past 5 years in order to help reshape the financial landscape in a positive and safe manner. However, the combination of a difficult and fast changing regulatory environment, coupled with the difficulties of trying to innovate in the financial markets post the 2008 crisis, forced us to take the difficult decision to apply for the authorisation to be withdrawn for the foreseeable future.

Therefore, it was with considerable disappointment that on 20th October 2016 Gordian applied to the PRA for the cancellation of FGTB's authorisation with restriction licence. On 31st October 2016 the PRA confirmed the cancellation.

Gordian will continue applying its long term vision and values in order to continue playing a major role in helping shape the future of the financial industry in the most positive and safe way.