Bank North was trying to find £30m to secure a full banking licence from the Bank of England, which would have allowed it to take deposits from retail savers. Throwing in the towel: Bank North was trying to find £30m to secure a full banking licence from the Bank of England'It is therefore with great regret that I have to inform you that… the board of Bank North has decided to initiate a solvent wind-down of the bank, with immediate effect,' Emerson added. Bank North is in talks with an unnamed third party to sell its £17m loan book and transfer its Manchester-based lending team – about a third of its 60 staff. It is also a blow to the Government's 'levelling up' agenda as Bank North focused on plugging a gap in the regional lending market. It began lending to them a year ago after acquiring a restricted banking licence.
Source: Daily Mail October 02, 2022 23:57 UTC