Three of our ‘sister’ banks have made significant steps forward recently.
- Wirral, Preston and Liverpool councils are supporting North West Mutual, a new bank being developed to serve Lancashire, Merseyside and Cumbria. In addition to £5m of committed capital investment from these three councils, North West Mutual has been awarded £600,000 to work towards a banking licence application.
- The development of Banc Cambria has received financial support from the Welsh Government for the last 18 months. In a statement this week, Minister for Economy and Transport, Ken Skates, has provided an update affirming the importance of this project for Wales and setting out a process of due diligence by Welsh Government, the Wales Pension Partnership and others on a commercial investment proposal to roll out Banc Cambria.
- Avon Mutual have appointed a CEO as they work through the final stages of the regulatory approval process and plan to launch the bank in 2022.