New bank NW Mutual plans 60 branches as it wins key council backing: full list of proposed locations

A new mutual bank for the North West of England says it wants to open a network of 60 branches across the region.

Co-operative society NW Mutual was launched in response to waves of bank closures across the region and aims to provide a customer-owned alternative to high street banks.

The bank says it will operate with a “bricks, clicks and flicks” business model including a branch network and mobile and online banking, offering products and services to SME customers.

It’s chaired by David Milner, who was chairman of Dudley Building Society and Nottingham Imperial Building Society, while its non-executive director James Moore has more than 25 years of boardroom experience in sectors including financial services in theUK and overseas,, and also founded the Community Savings Bank Association.

Some £1m from directors has already been invested to build up NW mutual behind the scenes, including building its systems and preparing its banking licence application.

Now the Local Democracy Reporting Service (LDRS) has confirmed that Preston City Council has agreed to purchase £250,000 worth of shares in the bank. The council has had £1m earmarked to invest in the launch for the past six years, with this being the first time is has formally committed cash.

Senior financial services executive Dave Burke, originally from Bolton, was recently appointed as chief executive. The bank’s headquarters, set for Preston, will open later this year. The bank ultimately hopes to have more than 20 branches in Greater Manchester, 17 in Lancashire, 12 in Merseyside, 10 in Cheshire and six in Cumbria.

NW Mutual says its potential target business market is huge, with 494,395 small and medium-sized businesses (SMEs) in the region employing more than 1.65m people and generating turnover of more than £239bn in 2024.

Mr Burke said: “When our plans are finalised, NW Mutual will open approximately 60 branches across the north west, with the first branch and head office also in the region.

“Our aim is to provi