Fed Blocks OakNorth US Deal: UK Holding Co. Demanded
Hey Digital Banking Fanatic!
When a UK FinTech unicorn wants to buy a community bank in Michigan, you’d think the paperwork is the easy part. Instead, the US Federal Reserve has told OakNorth it won’t approve the deal unless the group shifts its holding company from Jersey to the UK.
It’s a neat reminder that even in “friendlier” regulatory environments, foreign FinTechs still face bespoke structural demands just to get in the door.
OakNorth told shareholders it had received a “request” from the Fed to restructure “in connection with those regulatory approvals, and to support OakNorth’s US expansion more generally”.
If this is the price of entry for one of the UK’s flagship FinTechs, what does it indicates for the next wave of cross‑border digital banking deals?
Keep scrolling 👇 for more announcements across the digital banking landscape. I’ll be back in your inbox tomorrow.
Cheers,
NEWS
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