CivilisedBank, a UK-based business and retail bank, has secured its banking licence from the Bank of England.
CivilisedBank will offer savings and loans, transaction banking, overdrafts, current accounts with deposits and foreign exchange services for businesses. It will also offer savings products for the retail market.
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Instead of branches, the bank will operate through a network of local bankers supported by latest online technology. The bank plans to have a local banker across the nation’s every key location in five years.
The challenger bank submitted its banking licence application to the regulators in June 2016.
CivilisedBank CEO Gordon Dow said: “What makes CivilisedBank different is that we are offering a genuinely new service that isn’t currently offered by either traditional or online-only banks. Our customers will benefit from an innovative, yet secure digital platform, as well as being able to build an open and transparent relationship with a Local Banker.”
CivilisedBank chairman Chris Jolly said: “We want to return to a civilised way of banking with personal service backed by effective technology without any legacy issues.
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By GlobalData“CivilisedBank represents a cultural innovation in banking and a genuinely new approach in the UK market. The majority of the funding for the build phase has come from Warwick Capital Partners, a London-based investment manager.”
