Offshore bank Aston granted banking license
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Bank Aston will serve offshore trustees, investment funds and family offices across the Channel Islands financial services industry and has been established to offer a more efficient banking process.
Having obtained its licence, Bank Aston will move into the build phase of the bank with the intention of launching in 2026. It will then begin taking on accepting deposits from institutional clients while rolling out its full product offer.
To support the launch, Bank Aston has appointed Kevin Brown as chairman, a senior leader with experience at Royal Bank of Scotland, Bank of England and FCA; and Paul Gorman as CEO, who spent 20 years in senior management roles in corporate and investment banking, including at Barclays and Santander.
James Bennett, Bank Aston co-founder, explains that: "Banking is becoming a huge problem for offshore institutions. They face increasingly slow approvals, poor customer services and eye-watering fees with decisions being taken remotely by legacy banks whose risk appetite is steadily declining. This has resulted in more and more institutions being forced onshore which increases inefficiency, adds unnecessary risk and takes revenue away from the islands."
Guernsey resident, Jay Goss, co-founder, Bank Aston, says: "Few people realise the seriousness of the situation. The difficulties with onboarding and running accounts is starting to impact the whole industry. But there is an opportunity as well. We see Bank Aston as a commitment to Guernsey's future and to ensuring the island remains relevant, resilient and ambitious on the global financial map."
Kevin Brown, Bank Aston chairman, adds: "I don't think you can over-emphasise how important it is to the offshore financial community to have their own banking champion. We think Bank Aston has the potential to transform the entire offshore financial system."
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