CivilisedBank, a new UK-wide business and retail bank, has announced that it has filed an application with the regulators (the FCA and the PRA) to obtain banking licence.

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The bank expects to secure banking licence later this year and to launch operations in early in 2017.

CivilisedBank said that it will remain focused on meeting the capital requirements stipulated by the regulatory authorities over the coming months.

Besides, it will work on developing its technology and operations platform ahead of launch early next year.

CivilisedBank will not open any branches to run operations.

But it will operate only through a network of Local Bankers which are supported by innovative, yet tried-and-tested technology platform being deployed for the first time in the UK.

CivilisedBank chairman Chris 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."

The bank expects branchless local banker network would help in building one-to-one relationships with the customers avoiding the traditional costs incurred by high street banks.

CivilisedBank plans to target owner-managers of small and medium-sized UK businesses by offering businesses current accounts with deposits, transaction banking, overdrafts, foreign currency exchange, investments, savings and loans.

It will also roll out specific savings and investment products for retail banking customers in the UK.

The bank has appointed Mike O’Connor as its chief strategy officer, strengthening its management team that includes Christopher Jolly (chairman), Gordon Dow (chief executive officer), Hazel Hellier (chief business development officer) and Fiona Archbold (project nanager).

It is led by a team having vast experience in the UK financial services industry including Santander, Handelsbanken, HSBC, Societe Generale, Lloyds and Bank of Scotland.

CivilisedBank will use Profile FMS.Next banking engine, a technology platform currently used by many European banks.


Image: CivilisedBank files application for banking license in UK. Photo courtesy of Stuart Miles/FreeDigitalPhotos.Net.