THE owners of one of Britain’s newest banks have announced their intention to expand into Jersey.
Bank Aston Group co-founder James Bennett confirmed during a visit to the Island last week that the company was hoping to establish a Jersey branch of its foreign-exchange business, Aston Currency Management, “before the end of the year”.
Mr Bennett, who is also the chief executive of Aston Currency Management, said that the London-based group was keen to extend its Guernsey presence with a Jersey operation, and that “offices and key hires had already been identified”.
“We launched Aston Currency Management Guernsey in September 2023, and the business became profitable within three months of being formed,” he said. “Following on from that, last summer, we secured a licence to open Bank Aston in Guernsey, and hope that that business will be operational by July this year.
“After announcing that the Guernsey Financial Services Commission had issued us a banking licence, the Jersey Financial Services Commission contacted us again to discuss
the possibility of setting up a payments company or bank here.”
Saying that this approach had followed previous “lengthy conversations” with Jersey’s regulator, Mr Bennett added that the company was keen to launch in the Island with its foreign-exchange business.
“Aston Currency Management, the group’s payment, foreign-exchange and virtual accounts business, will lead the charge, with a view to establishing a presence in the market before we consider opening a Bank Aston locally,” he said. “Once Bank Aston has launched in Guernsey this summer, it is only logical that we will look to expand into Jersey once we have completed the latest financing round, and expansion to other well-regulated jurisdictions such as the Isle of Man, Gibraltar and Abu Dhabi is also being discussed.”
While conversations with Jersey service providers and the JFSC are still taking place, Mr Bennett said that it was “realistic” to expect that the local payments company would be “operational by Christmas”.
“The regulator has been very engaging and forward-thinking, and we have very much got the message that Jersey is open for business,” he said. “Bank Aston and the Aston Group want to be an offshore banking leader, and our move to Jersey is part of a wider plan to deliver on this vision. We know that many of the legacy banking players are looking to leave the Channel Islands and that the family offices, trusts and fiduciaries left behind really value the flexibility, services and speed we can offer.”
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