NW Mutual venture gets £250,000 council support

A banking venture has moved forward with £250,000 local authority support. 

Preston City Council has backed NW Mutual’s development.

Bosses say the planned 60-plus branch lender will operate across the North West and be “owned by and for the people and small and medium-sized businesses of the region”.

They add the council’s support will pay for NW Mutual staff and support moves to gain a banking licence to complement high street branches with mobile and online functions.

The bank’s head office – planned for Preston – is earmarked to open in early 2027, with branches set for places including Blackburn, Morecambe, Bolton, Manchester, Wigan, Birkenhead, Liverpool, Chester and Carlisle.

Dave Burke, NW Mutual chief executive, said: “This is an invaluable and welcome commitment.

“We will bring branches back to the high street, make lending decisions based on knowledge of the region and its people and businesses, and distribute the profits from the bank to its members.”

Councillor Valerie Wise, cabinet member for community wealth building, said “Preston City Council is proud to invest in NW Mutual. 

“Being owned by its customers, NW Mutual will focus on community wellbeing, returning profits to members and reinvesting in local communities, generating economic growth.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.