The Bank Aston Group, owners of Bank Aston, a new offshore bank serving the international offshore community and based in Guernsey, have announced plans to expand into Jersey.

Aston Currency Management, the group’s payment, foreign exchange and virtual accounts business, is planning to establish a presence in the market prior to opening a Bank Aston locally.

Offices and key hires have already been identified, and the expectation is that the fx business will be launched in Jersey before the year-end, the firm said in a statement. Aston CM was set up in Guernsey in September 2023 and moved into profitability within three months of being formed, the firm continued.

With an expanding client base that has doubled in number in the last twelve months alone, supported by having local roots in the Channel Islands, Aston CM is providing not only an increase in fast account opening but also employment and continued development of the local financial services industry.

“Aston CM is very different from most currency management providers. We are fast moving, customer focused and independent. This means we can deliver what our clients want at speed and at scale without the restrictions of slow-moving legacy businesses,” James Bennett, Aston Currency Management CEO and co-founder of the Bank Aston Group, said.

Bank Aston, the group’s flagship, is due to launch in Guernsey in July 2026. The bank will be considering other well-regulated jurisdictions as part of its expansion once it has completed its latest financing round. (This news service recently interviewed the founders of Bank Aston in Guernsey.)

“Bank Aston and the Aston Group want to be an offshore banking leader,” Bennett continued. “Our move to Jersey is part of a wider plan to deliver on this vision. We know that many of the legacy banking players are looking to leave the Channel Islands and that the family offices, trusts and fiduciaries left behind really value the flexibility, services and speed we can offer.”