CivilisedBank, a new British business and retail bank, has submitted its banking licence application to the regulators.

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The lender expects to secure the banking licence at the end of 2016, subject to approval from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), and plans to launch early in 2017.

Instead of branches, the bank will operate through a network of local bankers supported by an innovative technology platform.

The bank said that the branchless banking model will help it to build one-to-one relationships, without the traditional costs usually related to high street banks.

The bank will target the retail market with specific savings and investment products. It will also offer a range of services for small and medium-sized UK businesses including businesses current accounts with deposits, transaction banking, overdrafts, foreign currency exchange, investments, savings as well as loans.

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CivilisedBank’s management team includes chairman Christopher Jolly, CEO Gordon Dow, chief risk officer David Kindred, chief business development officer Hazel Hellier, project manager Fiona Archbold, and chief strategy officer Mike O’Connor.

Jolly said: "Applying for a full banking licence is a major milestone for CivilisedBank and places us firmly on track for a customer launch early in 2017. Customers remain poorly served by the incumbent banks, which is why our team of local bankers will be responsive to their financial needs.

"We will bring back the best of banking: one-to-one relationship banking for business customers, enabled by the latest banking technology."