It has pledged to ‘shake up the international offshore banking market’.
As Aston Currency Management, part of the Aston group of companies, it has been operating a currency business in the island since 2023, able to issue accounts.
Now it has received a licence from the Guernsey Financial Services Commission and expects to start taking deposits in the second quarter of 2026.
‘We want Bank Aston to be the bank of choice for offshore trustees, investment funds and family offices,’ said co-founder James Bennett.
‘Banking is becoming a huge problem for offshore institutions. They face increasingly slow approvals, poor customer services and eye-watering fees with decisions being taken remotely by legacy banks whose risk appetite is steadily declining.
‘This has resulted in more and more institutions being forced onshore which increases inefficiency, adds unnecessary risk and takes revenue away from the islands.’
The bank will have a corporate focus and said that it would be differentiated by the use of technology.
‘The difficulties with onboarding and running accounts is starting to impact the whole industry.
‘But there is an opportunity as well,’ said Jay Goss, the bank’s other co-founder, who has run Aston in the island for the past few years.
‘We see Bank Aston as a commitment to Guernsey’s future and to ensuring the island remains relevant, resilient and ambitious on the global financial map.’
It has already made senior appointments, with Kevin Brown as chairman, a senior leader from the Royal Bank of Scotland, Bank of England and the UK’s Financial Conduct Authority, and Paul Gorman, ex-Barclays and Santander and currently chief operating officer at Aston Currency Management, as CEO.
‘The offshore market is huge. In the Channel Islands alone, there is over £800bn of assets under management and another £250bn in bank deposits,’ Mr Gorman said.
‘There are also thousands of investment funds and hundreds of family offices.
‘We believe with our new approach we can make a huge difference and actively help the whole offshore sector.’
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