The Guernsey Financial Services Commission has issued a banking licence to Aston (Guernsey) Limited, although it will not be able to accept deposits until certain prerequisits outlined by the Commission are met.
The authorised entity will be known as Bank Aston – claimed to be the first local bank to open for some 30 years, and one that will target the offshore market.
Figures cited alongside the news of becoming authorised suggest that there are more than £800bn of asets under management and £250bn of bank deposits in the Channel Islands, alongside multiple thousands of investment funds and hundreds of family offices that collectively could benefit from a new entrant into the banking sector.
