CivilisedBank, a UK challenger bank, that was aiming to start lending to British businesses in the coming months has given up its banking licence after struggling to build sufficient IT infrastructure in time to launch.
A new UK bank that was aiming to start lending to British businesses in the coming months has given up its banking licence after struggling to build sufficient IT infrastructure in time to launch. CivilisedBank, which intends to build a relationship-focused business banking operation similar to Sweden’s Handelsbanken, said it was “releasing” its licence and will reapply later “to give more time to develop its technology platform”. The bank was given the green light by the Bank of England’s Prudential Regulation Authority last May, but the PRA can cancel a firm’s permission if it does not start activity within 12 months.
https://www.ft.com/content/a17e427a-399b-11e8-8eee-e06bde01c544
