The online bank also plans to begin applying for a banking license and is set to join other ‘challenger’ banks seeking to benefit from lower costs and new technology.
CivilisedBank said that it plans to operate through a network of local bankers that are supported by a new cloud technology platform which is expected to be launched in Britain.
The software will allow the bank to operate without branches. BNP Paribas and Alpha Bank will use the new software platform, the bank said.
CivilisedBank will initially target owner-managers of medium-sized UK businesses. It will provide business current accounts with deposits, transaction banking, overdrafts, foreign currency exchange, investments, savings as well as loans to SMEs.
Later on, it will focus on the retail market in the UK with specific savings and investment products.
UK banking scene has long been dominated by Barclays, Santander, Lloyds Banking Group, HSBC and Royal Bank of Scotland. CivilisedBank is attempting to challenge this domination.
