The bank gets its name from its chairman, Paul Walton, a former senior risk executive at UK’s Financial Services Authority. Sandy Chenan, an analyst at brokerage Panmure Gordon, will serve as CEO, while Peter Middleton, a former chairman of Barclays, will act as an adviser.
The bank intends to help families and SMEs that have struggled to get credit during the financial crisis or wants to adopt conservative approach.
Reportedly, it will start with two branches in southeast England and offer online services. The bank will not lend more than it holds in deposits and each customers will have a banking adviser.
The UK government is said to be keen to have new players, after a handful of institutions including state-owned Lloyds and RBS started dominating the banking sector.
