NEW BANK PLEDGES TO BRANCH OUT
By Ged Henderson
The Co-operative society behind plans for a mutual bank based in and serving retail and business customers in the North West has revealed its plans for branches across the region.
NW Mutual’s proposed network of 60 physical branches includes 16 across Lancashire.
It says it is looking to open in Preston, Accrington, Blackburn, Blackpool, Burnley, Clitheroe, Chorley, Lancaster, Leyland, Lytham St Annes, Morecambe, Nelson, Rawtenstall, Fleetwood, Garstang and Skelmersdale.
The proposed ‘bricks, clicks and flicks’ business model of NW Mutual will deliver hi-tech and staffed branches, complemented by mobile and online banking, providing retail and small and medium-sized enterprise (SME) customers with a full range of financial products and services.
The location of the headquarters of the bank, headed by recently appointed senior financial services executive Dave Burke, is yet to be
for the first quarter of 2027. David says that around £1m of investment has been made to build the systems and financial model of NW Mutual, prepare the banking license application and analysing its market.
He said: “Our market research, supported by a large body of public research and information, shows a proven need and demand for a bank that’s trustworthy, democratic, ethical, deeply rooted in the north west and that enough people and businesses in the region would use to make it a great success.”
“The North West is more than capable and large enough to create and sustain a prosperous bank. When we achieve our goals, our mutual bank will recycle more than £900m of money from the north west back into the region.
“This is serious money and it’s already here but it’s not. We want to stop it leaking out and heading south, north or east.”
Preston City Council has committed £250,000 to NW Mutual – becoming the first North West local authority to pledge money to supporting
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
confirmed but it says it will also be in the North West and will open later this year.
Dave said: “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.”
The co-operative society has launched in response to more than 50 per cent of traditional bank branches in the North West and the lack of banks based in and dedicated purely to serving the people, business and organisations of the region.
Lloyds Banking Group recently announced the closure of another 136 branches by March 2026 and consumer group Which? has reported that banks and building societies have closed 6,266 branches since January 2015 – around 53 closures a month.
Having already registered NW Mutual with the Financial Conduct Authority (FCA), regulator of financial services firms and markets in the UK, David is preparing a banking licence application to submit to the Bank of England later this year
If the licence is granted the first bricks and mortar branch is planned to open in the third quarter of 2026, with a full roll-out proposed
Dave Burke LANCASHIREBUSINES SV
IEW.CO.UK
the bank’s plans to date. NW Mutual is chaired by David Milner, who was chairman of Dudley Building Society and Nottingham Imperial Building Society.
Non-executive director James Moore has more than 25 years of boardroom experience in sectors including financial services in the UK and overseas and also founded the Community Savings Bank Association.
The society is in the process of recruiting other senior executives to its board, including a finance director.
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