Alba has received its UK banking licence (Authorised with Restrictions or ‘AWR’) from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)
IN BREIF:
- This follows a significant investment and builds on the close work between Alba and both the PRA and FCA to develop its proposition and processes and systems
- Alba will become Scotland’s first bank focused on serving businesses throughout Scotland and the UK regions
- Alba aims to transform small and medium-sized enterprise (SME) customer banking by combining a relationship-driven banking model with its state-of-the-art technology platforms
What does this mean?
Rod Ashley, CEO of Alba, commented: “This is unquestionably a landmark moment in our journey so far. Firstly, I’m incredibly proud of the team who have steadfastly believed in our mission of launching a new SME-focused bank and have worked tirelessly to build a comprehensive business plan which has allowed us to receive our AwR’ license from the regulators.”
