Special Report: New Banks

The image of the banking sector may be taking a battering at the moment, but it has not stopped new players entering the market

With the aftershocks of the global financial crisis still stinging, launching a new bank may not be seen as an immediately appealing business opportunity. But in recent months several new ventures backed by ultra high net worth individuals and corporates have emerged. Unencumbered by the financial, operational and reputational risks weighing on the established banking sector, financiers are seizing the chance to start anew. Last year media reports suggested there may be as many as 30 applications pending for new banking licences from the Financial Services Authority (FSA), but only a ...