Thread: how to open a private bank?

Simple question ...

How to open a private bank?

How easy or hard is it?

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Go to the the shop and buy a Piggy Bank

Originally Posted by PGH7447

Go to the the shop and buy a Piggy Bank

Funny!

No, i meant something a bit bigger.

A private institution that provides 'ethical' banking compliant with a particular community's needs, maybe like a co-operative with all members owning a part.

This can then provide a small range of services such as current account, savings account, mortgages etc. and use the existing network of a high street bank such as Lloyds or HSBC. This is the way another bank launched some years ago was opened.

I'm not cookie about this, i'm serious.

OFFSHORE BANK LICENSE

Dont know if this is relevant

Originally Posted by PGH7447

Sorry could'nt resist!!

I know, i didn't take offence. But i (and the people i have) need something a bit bigger.

Originally Posted by PGH7447

OFFSHORE BANK LICENSE

Dont know if this is relevant

I'm looking for within UK using an existing network (it is possible).

Originally Posted by mnrbig

I think the liquidity requirements might be a issue.

No, it's not a problem.

Try this

Setup a new bank - Fincentric Corporation

Originally Posted by PGH7447

Try this

Setup a new bank - Fincentric Corporation

Thanks, but it's US and Canadian.

I'm here in the UK and this is for UK clients. It will take a long time to find all the info and i think it takes around 2 years to get a license from BoE.

Originally Posted by mnrbig

You filthy rich then?:grin:

No, if i was i wouldn't be here fighting DCA's.

A group of friends with some money have thrown the idea around and we are wondering how easy (or hard) it is?

There would be a further round of financing after the initial stages.

The options are :

1. a credit union (may be too small)
2. a mutual society (like a building society so a bank really)
3. a friendly society (normally for insurance)
4. a bank (preferred)

all are regulated by legislation and the FSA.

yes, i know about Zopa ... it's a good concept.

Hi,

It used to be the Banking Act 1987 but that was replaced by the Financial Markets and Services Act 2000 that created the FSA.

Basically, you need to write to the FSA and say, I'm a good person can I be a deposit taker please

Originally Posted by nicklea

Basically, you need to write to the FSA and say, I'm a good person can I be a deposit taker please

Yes, in a simple way.

I've contacted them as a Consumer Credit License as well as a banking license is needed anyway. The liquidity is £3m and it can take around 2 years to setup.