An update from The Hampshire Community Bank as it progresses towards its launch.

The Hampshire Community Bank team has been following the New Bank Applicant Journey under the guidance of the authorities since 2016.  The Challenge Session stage took place by telephone conference in June, with six officials from the Prudential Regulatory Authority and the Financial Conduct Authority. This followed examination by the regulators of the documentation prepared for the launch of the Community Bank, including the Regulatory Business Plan and the Internal Capital Adequacy Assessment and Internal Liquidity Adequacy Assessment Plans.

With the Challenge Session, the Community Bank passed an important milestone.

Meanwhile, work on mobilising the core banking IT software and related IT infrastructure for commercial loan banking operations has made significant progress.

We are proceeding well with the implementation of the IT systems, the training of staff and also preparing for the move of our headquarters to the new Community Bank building – Eastgate House, at 80 Eastgate Street, Winchester”, said Mr Andreas Neukirch, Managing Director.

The team is continuing to engage closely with the regulators.  The next milestone will be receipt of Authorisation with Restrictions, after which the Bank will proceed to the Mobilisation Phase.  In parallel, it is preparing to expand its local lending.