….so what’s the latest news?16 Oct 2025 16:59
AlbaCo received a conditional UK banking license from the Prudential Regulatory Authority and Financial Conduct Authority in August 2025. The license is conditional on AlbaCo raising a minimum of £25 million in authorization capital. This is necessary to meet its regulatory capital requirements and to begin operations as a bank focused on lending to small and medium-sized enterprises (SMEs).
Conditional approval: The license is not yet unconditional, as AlbaCo must first secure the required £25 million in capital.
Funding status: AlbaCo is in the process of raising this capital, a process that its investor, Caledonian Holdings PLC, is supporting and providing interim funding for.
Purpose: The new bank aims to provide a dedicated banking service for UK SMEs.
Timeline: AlbaCo is not yet open for business and is awaiting the successful completion of its fundraising to secure the unconditional license.