Kane's Finance Ireland sets sights on IPO
Finance Ireland boss Billy Kane aims to float the alternative lender or sell it to a trade buyer within the next three to five years.
The company, run by the former Irish Permanent boss, announced a near-doubling of pre-tax profits to €6.3m last week, and has ambitions to lend €400m this year.
"We now have proven...that we can compete in our own way with the larger lenders in the market," Kane said in an interview with the Sunday Independent.
He added that in three to five years the company would be "looking at either some form of an IPO or some other form of a trade sale", but cautioned that this would depend on the state of the economy.
The company is also introducing a long-term incentive plan for staff and will look to increase headcount.
Kane said the company is looking at expanding its offering into areas such as development finance and residential mortgages.
He also said he would "love to make acquisitions". "There may be opportunities in car finance and limited opportunities in SME lending," he said, adding that smaller boutique players may become targets in the future as they develop their businesses further.
Sunday Indo Business