CivilisedBank has announced that it has changed its name to Allica as it prepares to launch.
The digital SME bank stated that the new name stems from a combination of the words for alloy and glass, which – when combined – built something of greater value than the sum of the individual materials.
It claimed that this was a reflection of its customers’ businesses.
It will launch in 2019 following its decision to resubmit its banking licence application.
Allica aims to give customers access to a team of banking experts with extensive business finance experience.
Mark Stephens, chief executive officer at Allica (pictured above), said: “Since its initial conception following the financial crisis, the SME market that CivilisedBank was created to serve has changed dramatically.
“Over the last 12 months, we’ve worked to ensure the bank comes to market with an offer that responds effectively to the commercial finance issues SMEs are facing now.
“As part of this, we feel that ‘Allica’ better represents what the bank now stands for.
“At Allica, we will work together with SMEs to help them build the success of their businesses.”
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