North West Mutual Submits Application for UK's First Regional Co-operative Bank

North West Mutual, aiming to launch the UK's first regional co-operative bank, has submitted its formal banking licence application with the Bank of England. The bank plans to serve retail and business customers in the North West of England.

The CEO, Dave Burke, said the application is a 'hugely significant milestone' and that submitting it brings them another step closer to providing the banking services they believe are deserved by the people and businesses of the North West. He added that this milestone is testament to the tremendous amount of work undertaken by the team.

The bank will operate on distinctly co-operative and ethical foundations, with a one-member, one-vote basis regardless of how much money is held with the bank. It also plans to pay the Real Living Wage and maintain a sensible ratio between its highest and lowest salaries. The head office is set to open in Preston next year or early 2028.

The new bank will offer a 'bricks, clicks and flicks' model, providing retail and SME customers with a full range of financial products and services through hi-tech staffed branches, mobile banking, and online services. The goal is to establish the UK's first regional co-operative bank and provide an alternative to the corporate banking landscape.