Successful raising of round one council investment.
Updated: Aug 12, 2019
We are delighted to announce that we are now well on our way to closing our first round of investment target of raising £600k having now had sign off for £50k initial investments from each of Wiltshire and Stroud Councils and £100k from Bristol City Council (BCC). BCC's Deputy Mayor Craig Cheney stated this week to his Cabinet on approving the initial investment that this was "an exciting moment in banking history." BCC's Cabinet also this week signed off £50k for their own due diligence process to explore investing in our final round (£18m capital reserves) and anticipating BCC will be joined by a number of other councils from across the region in this due diligence process.
Other current Investors include 33 individuals and two foundations from across the region, many of them successful business people and senior figures from the finance sector.
This initial investment allows us to continue to grow the team and build the bank. We hope to close the first round in the next two months. We will then be starting our second round of investments aiming to raise £2m to take the bank to launch.
Our final expected round of investment will be to raise £18m for our capital reserves. So far we have received a number of very promising indications from regional anchor institutions.
The other major piece of news is that we have commenced our bank licensing process with the PRA who will now start to undertake their rigorous due diligence of our financial models and Regulatory Business Plan.
Finally we have two new team members. We are excited to be joined by a new Board member Richard Warrington who is an approved person by the PRA/FCA, and most recently has worked as Senior Executive, Risk & Regulation, for Crowe Risk Consulting Group. Richard is a highly experienced risk and compliance professional having operated in retail financial services for 40 years, with over 25 years running compliance and risk teams within banks, insurers and building societies.
We are also pleased to have another staff member join our growing team, with Karen Simson joining as Operations Director. Karen has extensive experience in leading regulatory business change in Retail Banking and Insurance Markets including the implementation of Basel II, Solvency II and IFRS17 for companies including Morgan Stanley, Barclays, Lloyds Banking Group, Zurich Life and Lloyds of London.