Activity

In a significant development for Guernsey’s financial sector, Bank Aston has been granted a banking license by the Guernsey Financial Services Commission (GFSC). This makes Bank Aston the first locally-based bank to receive such a license in nearly three decades, with the last one ceasing trading in 1996.
The licensing marks a new chapter for banking in Guernsey, an island known for its robust offshore financial services industry. Bank Aston aims to cater specifically to the needs of offshore trustees, investment funds, and family offices within the Channel Islands.
While the license has been granted, it’s important to note that it comes with conditions during Bank Aston’s start-up phase. This means that the bank will not be able to accept deposits until it has satisfied a number of prerequisites outlined by the GFSC.
Bank Aston’s leadership, including co-founders Jay Goss and James Bennett, and new Chairman Kevin Brown and CEO Paul Gorman, emphasize their commitment to revitalizing the offshore banking experience. They plan to leverage new technology and a deep understanding of the offshore market to offer a faster, simpler, and more efficient banking process, addressing challenges like slow approvals and high fees often faced by offshore institutions.
The bank is now moving into its “build phase” and expects to formally launch and begin accepting institutional deposits in 2026, at which point it will also roll out its full product offerings. This development is seen as a strategic move to ensure Guernsey remains a relevant, resilient, and ambitious player in the global financial landscape.

Video courtesy of First Bank of Nigeria

Video courtesy of First Bank of Nigeria