Allica has revealed it has been granted its banking licence by the PRA.
The SME bank hopes to fully launch in the coming weeks and has been built with the sole aim of enabling SMEs to access tailored support and financial expertise to advance their business.
In an exclusive interview with Specialist Banking, Mark Stephens, chief executive officer at Allica (pictured above), said that it would first be launching a commercial owner-occupier mortgage for SMEs and a commercial investment product as well.
Meanwhile, it will launch savings products for SME and retail customers on day one of its launch, with asset finance planned for the middle of next year and a business current account in early 2021.
“The banking licence is an important milestone in our ambition to offer SMEs a genuine banking alternative.
“We built Allica specifically for businesses to realise their aspirations to advance.
“Allica will offer hands-on support from finance experts who are fully committed to providing each customer with tailored business solutions.
Mark added that it wanted to build a “good, old-fashioned traditional bank”.
He claimed that customers would have access to specialists who would be able to discuss their business requirements, with the physical relationship backed up by the “best of modern digital”.
“[The] functionality that you would expect when you go online and buy something from Amazon or Google [is] just not there in the banking sector, particularly for the SME space,” he added.
It then resubmitted its application for a banking licence in September 2018, before changing its name to Allica as it prepared for launch.
Mark stated that it had enhanced its digital offering since the withdrawal of its licence, giving customers access to all the digital mediums to interact with the bank.
In addition to being granted a banking licence, the bank has appointed John Maltby as its chair of the board of directors.
John said: “I’m delighted to join the Allica team at such an exciting and important time as Allica receives its banking licence.
“The SME market in England and Wales continues to be underserved and changing customer needs and behaviours mean that existing banking propositions sometimes are less relevant to owner-managers of SMEs.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Unity Trust Bank opens new Manchester office after 47% lending growth
Unity Trust Bank has opened a second commercial office as part of its expansion plans...
Tide to launch first premium account
Tide has announced that it will launch its first premium account to all its members by the end of 2019...
Shawbrook launches portal to ‘dramatically’ reduce BTL product switch times
Shawbrook Bank has launched a new online system that aims to reduce the time taken for BTL customers to product switch...
Santander to stop writing new asset finance business by end of 2019
Santander has announced that it will stop writing any new asset finance business by the end of the year...
Shawbrook adds new relationship director to business finance division
Shawbrook Bank’s business finance division has named John Hunter (pictured above) as its new relationship director for its South East regional team...
National Australia Bank updates cloud strategy with Google Cloud addition
National Australia Bank (NAB) has added Google Cloud to its cloud technology strategy...
PMS Mortgage Club and Sesame Network appoint Reliance Bank to lender panels
PMS Mortgage Club and Sesame Network have added Reliance Bank’s range of mortgage products to their respective lender panels...
FCA aims to improve awareness of no-deal Brexit impact on businesses
The FCA has stepped up its efforts to ensure firms are aware of what they need to do to prepare in the event of a no-deal Brexit...
Alba selects Temenos as core banking platform
Temenos has been selected as the core banking platform for Alba...
An interview with Peter Izard: 'I would like to see the wider banking industry become even more transparent'
In an interview with Specialist Banking, Peter Izard, business development manager at Investec (pictured above), talks about training staff, incorporating tech and changing trends in private banking...
Paragon names new managing director of mortgages
Paragon Bank has announced that it will appoint Richard Rowntree (pictured above) as its new managing director of mortgages, subject to regulatory approval...