Banking Licence Granted to Scottish SME Challenger Bank Alba
(15 March 2023 – United Kingdom) Scottish small and medium-sized enterprise (SME) lender Alba has secured a banking licence from the United Kingdom’s (UK) Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
The Scottish challenger bank has been granted an Authorised with Restrictions (AWR) licence, allowing it to begin mobilisation. The bank reports that it has also raised sufficient capital to support its development throughout the mobilisation phase and beyond. The Glasgow headquartered group was founded in 2018 and had originally intended to be operational by 2020 before the onset of the COVID-19 pandemic. It claims to be the first of its kind in Scotland.
“The Alba team have built a comprehensive business plan. SMEs have long been regarded as the lifeblood of our economy but haven’t always received access to appropriate levels or forms of finance” stated Alba Bank CEO Rod Ashley.
“Alba is an opportunity to design a bank specifically with these businesses in mind, helping them to realise their true potential and fulfil their vital role in enhancing both employment and economic growth.”
“The challenger’s establishment will support both Scottish banking and financial services as well as the Scottish economy, where the majority of our working population are employed in SME businesses” stated Alba Chair Graeme Jones.
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