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New British bank gets ok to accept deposits

British startup bank Charter Savings Bank has been given license to start taking deposits. The award of a banking licence to Charter Savings comes after Britain last year made it easier for new banks to launch, cutting the length of time it takes to apply for a licence and lowering the amount of capital new banks must hold. The new bank’s parent company Charter Court Financial Services, was founded in 2008 and is majority-owned by U.S. hedge fund Elliott Associates. The Wolverhampton-based business employs 250 staff and will run Charter Savings Bank alongside its Exact and Precise mortgage brands. The bank will begin offering products including fixed rate bonds and savings accounts from March.

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