New offshore bank to launch in Guernsey

A Guernsey-based bank has received authorisation from finance industry officials to launch a new offshore facility.

Bank Aston said after getting a banking licence from the Guernsey Financial Services Commission that it expected to begin taking deposits in the second quarter of 2026.

The finance sector remains Guernsey's largest sector of employment activity and earnings, according to the States of Guernsey, add about £1.2bn to the economy, equating to 44% of the island's economic output.

Bank Aston co-founder Jay Goss said the bank was a "commitment to ensuring the island remains relevant, resilient and ambitious on the global financial map".

James Bennett, another co-founder, said banking was "becoming a huge problem for offshore institutions".

"We're building a bank that's faster, simpler, and more aligned with the needs of the offshore market," he said.

The leadership team includes chairman Kevin Brown, a veteran of the Bank of England and Royal Bank of Scotland; and chief executive Paul Gorman, formerly of Santander and Barclays, said Bank Aston.

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