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.
Bank Aston recruit industry veteran for Chair
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.”
