New Bank Aston Gets License To Operate In Guernsey

A new offshore bank, Bank Aston, has been granted a banking license by the Guernsey Financial Services Commission. This is the first time in nearly thirty years that a locally-based bank in Guernsey has received such approval. The island’s last homegrown bank stopped trading in 1996. With this license, Bank Aston is preparing to establish a modern institution catering to offshore clients.

The new bank will focus on serving offshore trustees, family offices, and investment funds. The firm aims to deliver a smoother banking experience for clients in the Channel Islands. Bank Aston aims to serve users well by using a more responsive and efficient system. It hopes to stand apart from older banks that often use slow and outdated processes.

Bank Aston Prepares For Full Launch Next Year

Now that the license is approved, Bank Aston will begin setting up its operations. The firm is targeting a full next year. It will initially focus on deposits from institutional clients, with additional services to follow later. This stage is seen as critical in its effort to reshape offshore banking from within

Bank Aston has named Kevin Brown as its chairman. The company stated that he brings years of high-level experience from the Royal Bank of Scotland, the Bank of England, and the Financial Conduct Authority (FCA). Paul Gorman, another senior figure in banking, has been appointed leader. The firm shared that Gorman previously held leadership roles at Barclays and Santander.

James Bennett, one of the bank’s Co-Founders, said offshore institutions are facing growing challenges with traditional banks. He noted that delays, poor support, and high fees are driving many to abandon offshore setups. According to him, this shift incurs unnecessary costs and risks, ultimately harming the Channel Islands’ economy.

Bank Aston Aims To Cut Friction During Onboarding

Bennett explained that the industry has been under pressure as legacy banks pull away from offshore services. He said Bank Aston is a direct answer to these gaps in the market. The goal is to build a system that understands local needs and operates with more care and flexibility. The company aims to minimise friction for clients, particularly during the onboarding process.

Jay Goss, another co-founder and a Guernsey resident, said the industry’s current challenges run deeper than most realise. He revealed that difficulties in opening and managing accounts are disrupting the wider sector. Goss added that the new bank is a vote of confidence in Guernsey’s future. The firm is positioning itself as a defender of the island’s place in global finance.

Kevin Brown, chairman of Bank Aston, said local access to banking is crucial for offshore firms. He added that many feel left behind by large institutions that no longer support their needs. Brown believes Bank Aston could change how offshore finance works. The company wants to be seen as a long-term partner for the local financial system.

According to the bank, building trust with institutional clients will be a key part of its growth. The firm stated that it aims to utilise modern technology to minimise delays and enhance transparency. It also aims to create stronger connections with Guernsey’s financial network. Bank Aston hopes to become a symbol of the island’s ability to adapt.

Guernsey has long been recognised for its significant role in international finance, particularly in the areas of trusts and funds. However, the lack of a local bank has made some processes slower and more complex. With Bank Aston now entering the picture, the sector may soon gain more independence. The bank stated that this will lead to faster and more secure transactions for offshore clients.

While the full launch is still more than a year away, Bank Aston’s arrival has already sparked interest. Finance experts see this as a sign of growth. The company states that it will continue to focus on serving offshore professionals. Its team believes a well-run local bank could bring stability, speed, and new energy to the island.