New banks authorised since 2013

This page lists the new banks authorised since 2013.

While many new banks have been successful in becoming authorised through the New Bank Start-up Unit, there is a significant difference between the number of firms that are interested in becoming a bank, those that follow the process of submitting an application; and those that subsequently gain authorisation.

There are a number of reasons for why this is the case:

  • some firms realise that they can achieve their desired business model without needing to set up a bank. There are significant costs to setting up a bank, so firms need to be assured that this is the right option for them;
  • firms’ proposals may fall short of the standards required to become a bank; they may be unclear or disorganised. This highlights the importance of the pre-application stage for firms as our feedback can help to shape and further develop their thinking. The pre-application stage is an optional stage where firms engage with us early on in order to develop their propositions and prepare their applications to set up a new bank. More detail on the pre-application stage can be found in the New bank authorisation process section; and,
  • firms may lose their financial backers such that they do not have the financial resources that they need to operate as a bank. This can lead to some applicants withdrawing from the process while they seek fresh investment.

The table below lists the firms we have authorised as banks since 2013 (as at end-March 2021).

Total number of authorised banks since 2013

List of new UK ‘start-up’ banks authorised by the PRA

List of new banks authorised as either a branch or a subsidiary of an overseas bank by the PRA (a)

54 (b)

26

24

Paragon Bank Plc

Hampden & Co Plc

Charter Court Financial Services

Oaknorth

Atom Bank

Tandem Bank Ltd (d)

First Trust Global Bank (c)

Masthaven Bank Limited

Starling

Monzo

BFC Exchange Ltd

Private and Commercial Finance Group Holdings Ltd

ClearBank

Redwood Bank Ltd

Civilised Bank (c)

Chetwood Financial Services Limited

Zopa Financial Services Limited

Ursa Finance (c)

Allica Ltd

GKBK Limited

Oxbury FS Plc

Castle Trust Capital Plc

Distribution Finance Capital Limited

Monument Corporation Limited

Recognise

Advanced Payment Solutions

Axis Bank UK Limited

Union Bank of India (UK) Limited

FCMB (UK Limited)

UBA Capital (Europe Limited) (c)

Industrial and Commercial Bank of China Limited

U.S Bank National Association (c)

China Construction Bank Corporation

Habib AG Zurich UK Plc

China Merchants Bank Co Limited

Bank of Communications Co Limited

State Bank of India

Sumitomo Mitsui Corporation London Branch

Agricultural Bank of China Limited London Branch

Baroda UK Operations Limited

Shanghai Pudong Development Bank Co, Ltd

Kookmin Bank Co Ltd London Branch

UBA Capital (Europe Limited)

Handelsbanken Plc

Triodos UK (Ltd)

RCI Services UK Limited

China CITIC Bank Corporation Limited

CitiBank UK Limited

Intesa Sanpaolo Private (Swiss Morval S.A)

Jamaica National

Footnotes

  • (a) Please note this list does not include former EEA Branches now authorised as Third Country Branches in the UK.
  • (b) This figure is made up of 26 new UK deposit-takers, 24 overseas branches/subsidiaries deposit-takers, and 4 banks authorised for ring-fencing purposes (not included in this table).
  • (c) This firm is no longer authorised.
  • (d) In January 2018, Tandem Money Limited acquired the entity previously named Harrods Bank Limited (‘HBL’) and changed HBL’s name to ‘Tandem Bank Limited’. The entity now known as Tandem Bank Limited has therefore been authorised since prior to 2010. However we include reference to Tandem Bank Limited in the list above because Tandem Money Limited was granted authorisation as a start-up bank in 2015. Tandem Money Limited no longer holds a deposit-taking permission.
This page was last updated 15 April 2021

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