Vida Homeloans has become Vida Bank following banking licence approval.
- The UK authorities, PRA and FCA, granted Vida the necessary authorisations.
- Vida’s new banking status allows for retail deposits and expanded services.
- Plans are in place to introduce competitive savings products by year-end.
- CEO Anth Mooney expressed gratitude for the team’s dedication and regulatory support.
Vida Homeloans has successfully transformed into Vida Bank after obtaining authorisation from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). This milestone allows the institution to operate fully as a licensed bank, enabling it to broaden its service offerings and bolster its funding by accepting retail deposits. The move is a significant step towards enhancing Vida’s competitive edge in the specialist mortgage market.
With the newly attained banking licence, Vida Bank is set to initiate the acceptance of retail deposits, which will significantly strengthen its financial base. This strategic development provides Vida with the capability to expand its customer offerings, allowing for improved product pricing and an enriched service spectrum for intermediary partners.
The transition promises the introduction of attractive savings products by the end of the year. These planned offerings aim to diversify Vida’s product portfolio and reach a broader customer base. This aligns with Vida’s objective to promote sustainable growth while maintaining competitive pricing in the market.
CEO Anth Mooney reflected on this achievement, noting that the licence not only acknowledges the efforts of Vida’s team but also heralds new growth and innovation opportunities. Mooney expressed his appreciation for the regulators’ guidance, which played a vital role in this transition, and emphasised Vida’s ongoing commitment to high standards and robust service proposition development.
By receiving this authorisation, Vida Bank is well-positioned to enhance its market presence and extend its specialist mortgage offerings. The bank is enthusiastic about its future prospects and is looking forward to launching its initial savings products soon, marking the beginning of a new chapter in its growth story.
Vida Bank’s licensing marks a new era of expanded opportunities and competitive enhancements.
