OakNorth Receives Approval to Establish New York Office

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OakNorth's expansion into the US market through a representative office in New York will enable them to grow their business and explore opportunities for a banking charter, potentially expanding their reach and services to a wider audience.

According to Foresight News, the Federal Reserve and the New York State Department of Financial Services (NYDFS) have granted approval for digital bank OakNorth to set up a representative office in New York. This authorization will allow OakNorth to actively market its products and services from its U.S. office while continuing to explore the possibility of obtaining a banking charter.
OakNorth, which launched in September 2015, focuses on providing services and support to businesses with turnovers ranging from £1 million to £100 million.

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