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The South West Mutual – why do we need a new bank for the South West?
26th July 2018 @ 7:00 pm - 9:00 pm
Did you know that Plymouth has an award-winning regional mutual bank with over £300m of assets and 9 branches dedicated to serving local businesses and residents?
This is the US town of Plymouth, Massachusetts, where the Mayflower pilgrims established the first US colony in 1620 after their long voyage from Plymouth, Devon.
The UK is very unusual in having no regional mutual banks, unlike our American cousins and comparable regions from Canada to Germany to Japan. Come and find out why this matters to the prosperity of our city and region, and how we too can benefit once again from local banking built on mutual trust.
The Community Savings Bank Association was established in 2015 to apply international best practice and provide the necessary IT, regulatory and operating infrastructure to create a network of 18 new regional banks across the UK. The first bank in the network, Greater London Mutual, has already raised £17m and commenced the regulatory process with the Bank of England.
South West Mutual has recently been set up to seek investment and a banking licence to serve the small businesses, social and community enterprises and people of Devon, Cornwall, Dorset and Somerset.
Join us on Hear from economist and South West MEP Molly Scott-Cato on why we need a new bank for the Plymouth and region. Hear from international guest speaker Thorsten Guthke, Director of the Associations of German Public Banks, about the critical role that regional banks play in the German economy. And, finally hear from the new director at the South West Mutual – Tony Greenham. Outgoing Director of Economy at the RSA, a former banker with over 25 years of commercial and management experience, Tony will tell us how we are setting up a new bank – owned by us.
Refreshments available throughout the evening, free to attend, booking essential, register for the event here.
Molly Scott Cato, green economist and Green MEP for the South West of England and Gibraltar.
Tony Greenham, Co-Founder of Southwest Mutual and RSA Director of Economics.