Vida Homeloans has officially transitioned into Vida Bank after securing a banking licence.
- The authorisation from the PRA and FCA enables Vida Bank to offer retail deposits.
- This transition marks a significant expansion in Vida’s customer offerings and service quality.
- Vida Bank aims to introduce new products and more competitive pricing in the market.
- CEO Anth Mooney expresses gratitude for the team’s efforts and regulatory support.
Vida Homeloans has successfully secured a banking licence, marking its transition to Vida Bank. Receiving authorisation from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) allows the bank to offer retail deposits and reinforces its funding base. This development signifies a strategic enhancement in Vida’s capacity to serve a wider customer base with improved service quality for its intermediary partners.
With the new banking licence, Vida Bank is poised for accelerated growth within the specialist mortgage sector. By introducing retail deposits, the institution is set to provide attractive savings products by the end of the year. The licence opens up opportunities for Vida Bank to extend its market reach, offering competitive pricing and new mortgage products.
Anth Mooney, CEO of Vida Bank, acknowledged the transformative day for the organisation, highlighting the team’s dedication and the supportive role of regulators. “Receiving our banking licence not only validates the hard work and dedication of our entire team but also opens up tremendous opportunities for further growth and innovation,” Mooney stated. Mooney expressed personal thanks to the exceptional team and regulators for their guidance during this critical transition phase.
Maintaining high operational standards remains a commitment for Vida Bank as it navigates this new chapter. The bank is ready to fortify its specialist mortgage offerings and eagerly anticipates launching its savings products soon. This strategic move not only solidifies its market position but also enhances its service delivery to customers.
Vida Bank’s new licence marks a pivotal shift towards growth and enhanced service offerings.
