Private & Commercial Finance (PCF) has delivered a number of earnings upgrades over the last two/three years so we view the recent share price weakness as a good opportunity to buy shares. We believe that some of the weakness is due to Moody’s recent downgrade of BCB (75% shareholder in PCF).The economic backdrop for consumers and SMEs remains benign and recent news and meetings with peers have been positive. With the benefits of the banking licence still to come we maintain our 30p ....