New Century applies for UK banking licence
by Gill Montia
Story link: New Century applies for UK banking licence
New Century Bank has made an application to the Financial Services Authority for a UK banking licence.
The US-based financial services group is reported to be keen to launch retail banking services in rural areas, where customers may feel neglected by Britain’s High Street banks.
The venture is said to be backed by around £200 million in capital.
In March, Metro Bank confirmed that it had secured a banking licence and would proceed with a London launch.
Founded by Anthony Thomson, who set up Commerce Bancorp in the US, the new bank intends to open more than 200 branches in the Greater London area in the next decade.
Its stated aim is to reinvent British retail banking “by building fans rather than customers”.
Longer opening hours, water bowls for dogs and customer toilets are to be included in the service.