PayPal Bank, Dec. 16 -- Global online payments giant PayPal Holdings announced that the company has submitted an application to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) seeking to set up 'PayPal Bank,' which will be registered as a chartered industrial loan company.

"PayPal Holdings, Inc. (NASDAQ: PYPL) today announced it has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish PayPal Bank, a proposed Utah-chartered industrial loan company," it said in an official statement.

In its announcement on 15 December, PayPal also disclosed that since 2013, the online payments platform has extended $30 billion i...