BNF Bank achieves Third-Country Branch Authorisation in the United Kingdom
BNF Bank p.l.c. has been approved to operate a third-country branch in the United Kingdom, the only local bank that has been licenced to do so. BNF was authorised by the Prudential Regulation Authority (PRA), within the Bank of England, with the consent of the Financial Conduct Authority (FCA).
Consequently, as a dual regulated firm, BNF Bank p.l.c.'s activities in the United Kingdom will now be subject to regulation by the PRA and oversight by the PRA’s European Banks Team and by the FCA, from a conduct perspective.
Since 2019, BNF Bank has been actively operating in the United Kingdom through its established branch in London, and later operating under the Temporary Permission Regime implemented in the United Kingdom as from December 2020.
“The recent approval from the PRA and the FCA further reinforces the Bank's commitment to operating in the United Kingdom in strict adherence to all regulatory standards,” said BNF Chief Commercial Officer George Debono.
“The Bank looks forward to continuing its operations with the highest level of compliance and professionalism along with providing our clients with the unique opportunity of assisting them with their UK banking requirements,” he added.
Chief Executive Officer David Power explained that the license is approved with immediate effect, as of the 14th December 2023, which means that the Bank is now able to re-open for business in London. “The United Kingdom is a key part of our Vision 26 Strategy, which was recently approved by the Board of Directors. Being the only local bank with this opportunity, will allow us to expand into the UK market and offer unique products and services not only to our Maltese customers, but also to acquire new customers to the bank who are based in the UK.” he concluded.