Upcoming digital SME bank CivilisedBank has announced that it will change its name to Allica.

According to the company: “The name change reflects the company’s repositioned digital and relationship offer as it looks to come to market next year.” Allica is intended to be launched in early 2019.

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Mark Stephens, chief executive officer of Allica, said: “Since its initial conception following the financial crisis, the SME market that CivilisedBank was created to serve has changed dramatically. Over the last 12 months we’ve worked to ensure the Bank comes to market with an offer that responds effectively to the commercial finance issues SMEs are facing now. As part of this, we feel that ‘Allica’ better represents what the bank now stands for.”

“The name Allica stems from a combination of words for alloy and glass which, when combined, build something that is of greater value than the sum of the individual raw materials – just like our customers’ businesses. At Allica we will work together with SMEs to help them build the success of their businesses.”

Allica will be focused on the UK SME market and funded by SME and retail savings, intended to serve businesses through working capital solutions and cash management, including loans, asset finance, savings and payment services. Allica will also address the UK retail market with a range of savings products.

The bank was granted a banking licence by the Bank of England in May 2017, but released it a year later with the stated reason of allowing more time to develop its technology platform.

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CivilisedBank’s range of hires over past six months

In November the bank announced that Rajan Kapoor will serve as chair of its audit committee as well as its remuneration committee. Also in November, CivilisedBank appointed Nick Baker as head of intermediaries.

In September the bank appointed former RBS and Lombard director Paul Marston to its board.