Residents and small businesses will soon be able to benefit from a ‘community bank’ as plans take another step forward.Advertisement
Preston City Council has joined forces with Wirral and Liverpool Councils on the registration of the new mutual society (North West Mutual Ltd), which was approved under seal by the FCA on Thursday 28 May.
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The move will see a main branch and satellite branches opened at key locations across the city, in the first step to creating a customer owned bank dedicated to and based in the North West.
The aim is to help the most vulnerable people and small businesses in Preston, who are struggling to access the banking services they need.
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Councillor Matthew Brown, Leader at Preston City Council, said: “A central part of the Preston Model is establishing a regional cooperative bank, owned by its customers.
“Working alongside great partners like Wirral Council and Liverpool City Council this is a big step forward now the ‘North West Mutual’ has been registered with the FCA.
“The closure of many high street bank branches over the last few years has had a substantial effect on small businesses in Preston.
“Residents may have also struggled to open bank accounts due to complex personal circumstances, and this initiative will be there for those families too.
“North West Mutual will be a community bank with the social mission of serving the everyday financial needs of ordinary people, community groups and small and medium sized companies across Preston.”
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