New North West bank will have Preston HQ
LDRSA proposed new regional bank in the north-west of England will have its headquarters in Preston.
The North West Mutual – which describes itself as an "ethical" bank – has been in the pipeline for six years, but activity to get the institution off the ground has recently stepped up a gear.
It announced in January that it hoped to apply for a licence to operate later this year – and plans to begin opening the first of its expected 60 branches by the end of 2026.
The concept – which involves providing services only to individuals and small and medium-sized businesses based in the North West – has been backed since its inception by Preston City Council.
The authority has ringfenced an overall £1m investment in the project, the first £250,000 of which it agreed to release in January for a share purchase, the Local Democracy Reporting Service said.
The city council's recent budget meeting heard that the North West Mutual would open its main office base in Preston along with its very first branch.
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