GLM is part of an emerging UK-wide network of 18 mutually owned cooperatives which aim to become regional savings & loans banks, designed to serve the financial needs of people of ordinary means, local community groups, small and medium sized companies.
GLM will only do business it understands and with people it knows. Local savings used exclusively in Greater London to make local loans - creating and storing wealth in Greater London, held in trust for the benefit of the current members and those that come after them. GLM will serve all of Greater London.
The most innovative part of this is that the banks will be controlled by their customers - one member one vote.
A global survey by professional services firm EY in 2016 concludes that “trust is essential in banking”, but we know that on this score, the industry is still falling short.
That’s why GLM will only do business it understands, with people it knows within London.
Since 1989 Britain has lost 53% of its bank branches, leaving 1,500 communities with no bank, and another 840 with only one bank remaining, GLM is committed to opening branches using the latest technology.
The Community Savings Bank Association is rebuilding a network of independent, customer owned banks which will be able to demonstrate a more flexible, responsive, effective and democratic alternative to traditional banking.
GLM is here to help London help itself; One London | One Community | One Bank
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