Masthaven Bank will give away 10% of its shareholding to its own employees when it launches in the summer, its managing director Jon Hall has confirmed.
Hall said around 80% of Masthaven’s employees will benefit by the time the bank is open for business, although staff will get a different number of shares depending on their position.
Masthaven announced securing a retail banking licence on 21 April.
Hall said: “Ultimately there is no cost to the employee. We are giving away 10% and whether it’s me or an underwriter everyone has the same class of shares.
“Everybody has the opportunity to take part in the scheme and we estimate that when the bank is launched about 80% of employees will have already benefited and others will have the opportunity to benefit going forward.”
He also revealed that once Masthaven Bank gets underway in the summer it will usurp the Masthaven Finance brand name.
The bank’s founder Andrew Bloom is the majority shareholder and the remaining ownership of the Bank is held by the billionaire Pears family.
Hall said the bank was following the ‘John Lewis model’ with a ‘partnership approach’ to make sure employees pull in one direction.
He added: “When your staff stays with the business for a long time they take decisions which are in the interest of the bank.
“If you have engaged and happy staff that will lead to good customer outcomes.”