Emma Reynolds, Labour MP for Wolverhampton North East and Shadow Housing Minister, has welcomed the creation of a new bank based in Wolverhampton.Charter Savings Bank has been given a banking licence by the Prudential Regulation Authority and will launch in early 2015. The bank, based near Junction 2 of the M54, and its related firms currently employ 250 people. The bank joins a small group of new or ‘challenger’ banks which are providing competition to the big four high street banks (HSBC, Barclays, Lloyds/Halifax and RBS/Natwest).

Emma said “I am delighted that Charter Savings Bank has reached the milestone of becoming a bank. I have congratulated them on a fantastic achievement. People in Wolverhampton will now have a local alternative to High Street banks. It is excellent news that there will be a new “challenger” bank, employing 250 people locally, starting up and providing an alternative to the big four banks.”

“If the banking crisis in 2008 taught us anything, it is that the big four banks have become too dominant in Britain and this has limited competition. Charter Savings Bank will help to increase choice for people in Wolverhampton and therefore generally encourage banks to offer local people better services. This is greatly needed.”

“I wish them every success.”

January 2015