Guernsey's continuing appeal as a jurisdiction of choice for financial services has been underpinned with the announcement of the launch of a new offshore bank.
Bank Aston has announced its authorisation to launch a new offshore bank by the Guernsey Financial Services Commission (GFSC) - Guernsey's first locally licensed bank for nearly three decades.
The GFSC has granted Bank Aston a banking licence. The licence is subject to conditions during Bank Aston's launch phase.
This milestone approval further underscores Guernsey's position as a forward-looking and responsive jurisdiction and Bank Aston will now enter its build phase ahead of launching operations offshore in 2026.
Jay Goss, Bank Aston's Co-Founder, said: "The financial services community on the island is close-knit and at its best when working together.
"The support of the Guernsey Finance team has been crucial in helping Bank Aston get to this stage with our licence application. 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."
The new offshore bank will support offshore trustees, investment funds and family offices, key pillars of the Channel Islands' financial services industry. It aims to enhance the efficiency and accessibility of offshore banking by combining streamlined onboarding and advanced technology to meet the evolving needs of these core clients.
Rupert Pleasant, Chief Executive of Guernsey Finance, said: "This announcement reflects Guernsey's continued appeal as a well-regulated, stable and innovative jurisdiction for financial services. The establishment of a new bank such as this is a vote of confidence in the island's infrastructure, talent and commitment to supporting global financial needs.
"I am delighted that Guernsey Finance has been able to assist Bank Aston in obtaining a banking licence and we wish them every success."
To support the launch, Bank Aston has made two senior appointments: Kevin Brown as Chairman, a seasoned financial leader with experience at Royal Bank of Scotland, Bank of England and FCA; and Paul Gorman who becomes CEO following a 20-year career in senior management roles across corporate and investment banking, including Barclays and Santander.
Bank Aston is part of the Aston group of companies, including sister companyAston Currency Management.
For more information about Guernsey's finance industry please visit www.weareguernsey.com.
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