Guernsey’s last locally-based bank ceased trading in 1996, making Bank Aston the first to be licensed by the Guernsey Financial Services Commission (GFSC) in almost thirty years.
Bank Aston aims to serve offshore trustees, investment funds, and family offices throughout the Channel Islands financial services sector, offering a more efficient banking process.
With its license secured, Bank Aston is entering its build phase and plans to launch in 2026. The bank will begin accepting deposits from institutional clients while rolling out its complete range of products.
To support its launch, Bank Aston has appointed Kevin Brown as chairman, who has extensive experience with the Royal Bank of Scotland, Bank of England, and FCA. Paul Gorman has been named CEO, bringing 20 years of senior management experience from corporate and investment banking roles at Barclays and Santander.
James Bennett, co-founder of Bank Aston, highlights that “banking is becoming a major challenge for offshore institutions. They are facing slow approvals, poor customer service, and high fees, with decisions made by legacy banks that have a declining risk appetite. This is forcing more institutions onshore, leading to inefficiencies and revenue loss for the islands.”
Co-founder Jay Goss emphasizes the gravity of the situation: “Many are unaware of how onboarding and account management issues are affecting the entire industry. However, this also presents an opportunity. We view Bank Aston as a commitment to Guernsey’s future, ensuring the island remains relevant, resilient, and ambitious in the global financial landscape.”
Chairman Kevin Brown underscores the importance of having a dedicated banking champion for the offshore financial community: “Bank Aston has the potential to transform the entire offshore financial system.”