NW Mutual, a co-operative society aiming to serve retail and business banking customers in the North West of England, has revealed plans to open 60 branches across the region.
Of these branches, over 20 are expected in Greater Manchester, 17 in Lancashire, 12 in Merseyside, 10 in Cheshire along with six in Cumbria.
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Besides, NW Mutual appointed Dave Burke as its new CEO.
Burke is experienced in launching and managing regulated financial businesses.
The co-operative has already registered with the Financial Conduct Authority (FCA), and Burke is preparing to apply for a banking licence from the Bank of England by late 2025.
If approved, the first physical branch is expected to open by the third quarter of 2026, with a complete rollout anticipated by the first quarter of 2027.
Burke said: “Our market research, supported by a large body of public research and information, shows a proven need and demand for a bank that’s trustworthy, democratic, ethical, deeply rooted in the North West and that enough people and businesses in the region would use to make it a great success.
“The North West is more than capable and large enough to create and sustain a prosperous bank. When we achieve our goals, our mutual bank will recycle more than £900m of money from the North West back into the region.
“This is serious money and it’s already here but it’s not. We want to stop it leaking out and heading south, north or east.”
To date, NW Mutual has invested approximately £1m to develop its systems, financial model, and prepare for the banking licence application.
This investment also covers market analysis to ensure the bank’s services meet the needs of its potential customers.
Preston City Council has shown significant support by committing £250,000 to NW Mutual, making it the first authority in the North West to financially back the bank’s plans.
Preston City Council leader Matthew Brown said: “For too long much of our mainstream banking system has failed to serve our communities and local businesses.
“Across the North West region more than half of our branches have disappeared in the last 10 years and small businesses especially struggle to secure the finance needed to expand.
“At Preston City Council we want to do something about that by directly investing in the NW Mutual as a viable cooperative and ethical alternative.
“We are delighted to hear plans for the first branch to open in Preston and market research shows the public would welcome this new model of banking owned by and run in the interest of local people.”
NW Mutual’s proposed business model, described as ‘bricks, clicks and flicks,’ aims to integrate “high-tech” and staffed branches with mobile and online banking solutions.
This approach is designed to provide retail and small and medium-sized enterprise (SME) customers with a comprehensive suite of financial products and services, blending traditional banking with digital innovation.
