Latest news with #BankAston
Finextra
a day ago
- Business
- Finextra
Offshore bank Aston granted banking license
Guernsey's last locally-based bank ceased trading in 1996, making Bank Aston the first to be licensed by the Guernsey Financial Services Commission (GFSC) for almost thirty years. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Bank Aston will serve offshore trustees, investment funds and family offices across the Channel Islands financial services industry and has been established to offer a more efficient banking process. Having obtained its licence, Bank Aston will move into the build phase of the bank with the intention of launching in 2026. It will then begin taking on accepting deposits from institutional clients while rolling out its full product offer. To support the launch, Bank Aston has appointed Kevin Brown as chairman, a senior leader with experience at Royal Bank of Scotland, Bank of England and FCA; and Paul Gorman as CEO, who spent 20 years in senior management roles in corporate and investment banking, including at Barclays and Santander. James Bennett, Bank Aston co-founder, explains that: "Banking is becoming a huge problem for offshore institutions. They face increasingly slow approvals, poor customer services and eye-watering fees with decisions being taken remotely by legacy banks whose risk appetite is steadily declining. This has resulted in more and more institutions being forced onshore which increases inefficiency, adds unnecessary risk and takes revenue away from the islands." Guernsey resident, Jay Goss, co-founder, Bank Aston, says: "Few people realise the seriousness of the situation. The difficulties with onboarding and running accounts is starting to impact the whole industry. But there is an opportunity as well. We see Bank Aston as a commitment to Guernsey's future and to ensuring the island remains relevant, resilient and ambitious on the global financial map." Kevin Brown, Bank Aston chairman, adds: "I don't think you can over-emphasise how important it is to the offshore financial community to have their own banking champion. We think Bank Aston has the potential to transform the entire offshore financial system."
Yahoo
2 days ago
- Business
- Yahoo
Bank Aston to be first locally licensed Guernsey bank in 30 years
Bank Aston has secured a banking licence from the Guernsey regulator that will make it the first locally licensed bank in the jurisdiction within 30 years. Bank Aston positions itself as a specialist provider for offshore trustees, investment funds, and family offices, which are key sectors in the Channel Islands' financial services industry. The firm is hoping to reinvigorate the offshore sector, which has £800bn in assets under management and £250bn in bank deposits in the Channel Islands alone. Guernsey Financial Services Commission (GFSC) has granted it 'Licensed with Conditions,' which is subject to conditions during Bank Aston's launch phase. The bank will begin accepting institutional deposits and roll out its complete range of services once fully licensed. Guernsey's last locally-based bank ceased trading in 1996. James Bennett, co-founder of Bank Aston, said: 'Banking is becoming a huge problem for offshore institutions. 'They face increasingly slow approvals, poor customer services and eye-watering fees with decisions being taken remotely by legacy banks whose risk appetite is steadily declining.' Bank Aston said it would streamline the onboarding and service delivery process through leveraging advanced technology. The firm added its deep knowledge of the offshore market would allow it to service consumers 'more quickly and competitively than is currently the case'. Brown has 40 years' experience including stints at the Financial Conduct Authority, Payment Systems Regulator and Bank of England. He is also a board member and founding investor of fintechs OneiD and Form3. Co-founder Jay Goss said: 'Few people realise the seriousness of the situation. The difficulties with onboarding and running accounts is starting to impact the whole industry. 'But there is an opportunity as well. We see Bank Aston as a commitment to Guernsey's future and to ensuring the island remains relevant, resilient and ambitious on the global financial map.'
