Vida Homeloans has received authorisation from both the PRA and FCA to become a fully licensed bank.

The business plans to operate under the new name Vida Bank.

The banking licence should provide better opportunities for growth and the provision of a broader range of services for its customers and intermediary partners.

Vida’s new ability to offer a range of retail deposits is set to strengthen its funding base and allow it to compete at far greater scale, broadening its customer offerings and providing even stronger service for intermediary partners.

SAME FOCUS

Vida’s core purpose as a specialist mortgage bank remains unchanged, focusing on helping more people find a place to call home, be that by securing a mortgage on their own property or by renting from one of its landlord customers.

“This is a monumental day for us at Vida having only submitted our application at the beginning of this year”

In addition to strengthening the mortgage proposition, Vida will soon begin accepting retail deposits, introducing a range of attractive savings products before the end of the year. These keenly priced savings products are designed to provide additional options for savers who may not always see the return they hope for from their current bank.

Anth Mooney (pictured), Vida’s CEO, said: “This is a monumental day for us at Vida having only submitted our application at the beginning of this year. 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.

“I want to thank our exceptional team for their unwavering commitment in achieving this important milestone and express my personal gratitude to our regulators for their exceptional support and expert guidance during the application process.

“As we move forward, we are committed to maintaining the highest standards in everything we do. We very much look forward to further strengthening our specialist mortgage proposition and to launching our very first savings products in the coming days.”