Rumours are circulating that one of the UK’s challenger banks is set to begin winding down its banking operations on Monday.
The bank offers first and second charge mortgages along with bridging finance and numerous saving account options.
A number of key front-line staff are understood to have secured new roles over the past weeks in anticipation of the decision.
The I understands that the final decision to start the wind-down was made today with a well-placed source claiming an announcement could be made as early as Monday.
That source said: “There have been a number of key staff agreeing to take new roles over recent weeks in the build-up to the final decision. As such this has become something of an open secret.
“This decision was not made easily and staff are set to be told in the coming days.”
Out of respect for the staff who have not been informed The I has taken the decision not to publish the name of the bank at this time.
This story will be updated once the announcement is made to include the name of the bank.
The I can now confirm that the aforementioned bank was Masthaven Bank – full story here.
