A new bank has pledged to open six branches in Cumbria.
While established high street banks are closing their doors up and down the country, the NW Mutual said it was committed to opening bricks and mortar branches across the North West.
It said it wanted to open branches in Barrow, Carlisle, Kendal, Keswick, Penrith and Whitehaven among the 60 it has planned for the region.
NW Mutual Ltd is a co-operative society launched in response to more than 50 per cent of traditional bank branches in the region having closed and the lack of banks based in and dedicated purely to serving the people, business and organisations in the North West.
The location of the headquarters of the bank, headed by recently appointed senior financial services executive Dave Burke, is yet to be confirmed but will be in the North West and due to open in the second quarter of 2025.
Dave said: “When our plans are finalised, NW Mutual will open approximately 60 branches across the North West, with the first branch and head office also in the region.
“Our aim is to provide access to as many people and businesses in the north west as possible, with 95 per cent of residents and small and medium-sized businesses within a 30-minute drive to a branch.
“Whilst we have specific locations in mind to achieve this, we also want to listen to the people and businesses of the region and welcome thoughts and suggestions on branch locations.”
NW Mutual Ltd has registered with the Financial Conduct Authority, the regulator of financial services firms and markets in the UK and it said Dave was preparing a banking licence application to submit to the Bank of England later this year.
If the licence is granted by the Bank of England, the first bricks and mortar branch is planned to open in the third quarter of 2026, with a full roll-out proposed for the first quarter of 2027.
