LONDON - Tower Bridge Funding 2024-1 PLC, a structured finance entity involved in residential mortgage-backed securitizations, has announced that Belmont Green Finance Limited, the seller, mortgage administrator, and cash administrator for its securitization transactions, has been granted a UK banking license.
The authorization to accept deposits was given by the Prudential (LON:PRU) Regulation Authority and the Financial Conduct Authority on November 19, 2024. Following the receipt of its banking license, Belmont Green Finance Limited has changed its name to Vida Bank Limited, effective November 25, 2024.
The company also updated its corporate website address to www.vidabank.co.uk, reflecting the new branding associated with its banking status. The changes come as part of the company's strategic developments within the financial services sector.
The announcement was made purely for informational purposes to the note holders of Tower Bridge Funding 2024-1 PLC's various classes of notes, all due in January 2066, according to the conditions outlined in the Master Definitions Schedule associated with the notes.
The news of Vida Bank Limited's banking license and rebranding is significant for investors and stakeholders in the residential mortgage-backed securities market, as it indicates a shift in the company's operational capabilities and market position.
Tower Bridge Funding 2024-1 PLC has made this information available to note holders as part of its commitment to transparency and in compliance with regulatory notice requirements. This update is based on a press release statement issued by the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.