• Jules Peck

Avon Mutual surges into Q2 of 2019

The Avon Mutual team are delighted to be able to update you on significant progress in recent weeks.

Firstly we are very pleased to have just heard that Stroud Council have approved an initial £50k investment in Avon Mutual with their Leader Doina Cornell having enthusiastically tweeted the result. We also have several other councils in the process of planning similar investments and conversations are progressing well with other major regional anchor institutions such as Universities and the church regarding their hoped-for investment in the capitalisation of the bank. We also continue to raise investment from individuals and we expect to close our first round of investment at £600k in the next few weeks.

We are also very honoured to have recently been accepted onto the Bristol Setsquared Business Acceleration programme - a partnership between Bristol and Bath Universities. Apart from meaning we will now be opening our first office at Setsquared’s Engine Shed in Bristol, we will be working closely with their mentoring programme and getting access to first class support and advise.

In other news, in partnership with Bristol City Council and the RSA we recently ran what felt like a landmark event at Bristol City Hall hosted by Deputy Mayor Craig Cheney at which Local Authorities from around the UK came together to explore investment in our movement of 18 planned regional banks. We heard from key figures from councils around the UK and had most of Avon Mutual region’s council FDs present. There was overwhelming support from the 40 odd attendees for what we are planning both here in Avon Mutual’s region and also around the UK. It was great to hear Bristol City’s enthusiasm for investing in capitalising Avon Mutual and to see the Deputy Mayor tweet his support after the event.

In more news from around the UK our wider CSBA movement now have four banks-in-the-making up and running in London with Greater London Mutual, in Wales with Banc Cambria and in the SW with SW Mutual. We also have significant interest for starting sister banks in other areas such as Lancashire and Tyneside. All our sister banks are already being supported by their local authorities such as in the SW and in Preston.

In more news we are delighted to announce two new recruits to the Avon Mutual team.

Firstly Paul Hornsey has joined as our Operations Director with 20 years of experience in operations and regulatory compliance in financial services in the U.K. & abroad for companies including Nationwide, Morgan Stanley, UBS, Credit Suisse, JP Morgan and having started his career with Andersen Consulting. Paul will be focusing on all things operational and particularly at the moment on our bank license application and Regulatory Business Plan.

We are also joined by Gareth Griffiths as our Customer and Proposition Director. Gareth has extensive experience in retail banking in particular focusing on customer value, proposition and product design and management as well as strategic transformation, revenue management, branch and contact-centre design and management with HSBC, Bradford & Bingley and the RAC. Gareth will be focusing on our customer proposition.

Finally we have also just received confirmation from the PRA that we are now invited to apply to the new bank start up unit for our bank license and we look forward to working with the regulator to progress towards our license.

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