A proposed new regional bank in Northwest England will be headquartered in Preston. This institution, named "North West Mutual Bank," describes itself as an "ethical" bank and has been in preparation for six years, but its launch pace has noticeably accelerated recently.
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03-16, 2025The bank announced in January that it hopes to apply for an operating license later this year and plans to open its first expected 60 branches by the end of 2026. The bank's concept is to only provide services to individuals and small and medium-sized enterprises located in the Northwest.
Preston City Council has been supportive of the concept since the project's inception. According to the Local Democracy Reporting Service, the city council has specifically allocated a total investment of £1 million for the project and agreed in January to release the first £250,000 for the purchase of shares.
At the city council's recent budget meeting, councillors learned that North West Mutual Bank will establish its main office base and first branch in Preston. This marks substantial progress in the preparation of the regional bank and is expected to inject new vitality into the local economic development.
