Announcing our board
We are pleased to be able to announce the recruitment of important additions to our Board.
We were honoured to have been approached by a significant number of highly skilled local people for our board and have now appointed four of these, all with long-term experience in Bank of England Senior Management Regime regulated roles, to form the core of our board.
• Dena Brumpton recently retired after a career at Citigroup and Barclays where she was most recently CEO of Barclays Savings, Investment and Wealth management. She has been recognised in Top 25 ‘Women of Inspiration and Enterprise’ and City Power Woman. Dena was previously also a member of Cancer Research UK Women of Influence Board.
• John Schofield is a NED at the Pensions Trust and had held roles as Group Chief Risk Officer and Head of Audit at a number of financial institutions including Old Mutual Bank, NatWest, the London Stock Exchange and Ecclesiastical Mutual Insurance.
• Graham Hughes - is a qualified Solicitor and one of the founding directors of Church House Trust plc, a bank which was subsequently sold to Virgin Money plc. He also chairs the Remuneration Committee for a local Hospital Foundation Trust and is a volunteer adviser at Citizens Advice.
• Tracy Morshead is Chair of Mortgage Brain and of the National Friendly Society and a NED with the Newbury Building Society. Tracy's career has included roles as MD of Principality Building Society and at Nationwide. Prior to working in financial services Tracy had a career in marketing with ITV and led marketing at board level for Grand Metropolitan.
A key role for the board will be to support our bank license application process with the PRA which are now commencing and Dena, John, Graham and Tracy have all had extensive experience working with the FCA and PRA.
Our board’s diverse skill sets and experience will add significant momentum to the launch of our region's first community owned bank and we are on target to have received our licence and to be open for business in early 2020.
Avon Mutual was established a year ago to seek a banking licence. We are impatient to start serving communities that are looking for an ethical, relationship-driven and customer-owned bank that champions Bristol, Bath, Gloucestershire, Wiltshire and N Somerset.
However, starting a new bank is a long process involving considerable regulation and detailed planning. So, our ambition is to gain our banking licence and open the first branches in mid 2020. Between now and then we need to:
• raise £20 million of share capital,
• put together a team of ethical bankers committed to serving the residents and businesses of the south west,
• complete detailed market research, operational planning and systems implementation,
• gain authorisation from the Bank of England and Financial Conduct Authority to become a bank,
• and finally open the doors.
We continue to raise first round investment, having raised over £300,00 so far of a £400,000 target. This is only open to certain categories of investor, including professional investors, institutions and high-net worth and sophisticated individuals. If you believe you qualify under one of these categories and would like to hear more then please do get in touch.
The response to Avon Mutual around the region has been very encouraging, and you can read more about us at www.avonmutual.org Can you help spread the word? If you’d like to play a part in establishing Avon Mutual, please consider forwarding this email to someone you think might share your interest in this initiative, and suggest they sign up on the website.
Going forward we will be sending updates every couple of months or so, or when something particularly exciting happens!
That’s it for now - thanks once again for your support for Avon Mutual.