OakNorth Receives Approval to Establish New York Office

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.