A CONSORTIUM of finance experts is to set up a community bank in Hampshire in the hope of stimulating growth in the local economy.

Working together as community interest group Local First, they intend to set up a locally owned and run bank for the benefit of local people.

Members of the Winchester-based team, who have a wealth of shared experience in the banking industry, firmly believe there is "a space in the market for a bank that serves the local community and works with enterprise, local councils and others to deliver sustainable economic growth".

Their model will be based on the German Sparkassen - a successful chain of local savings banks which, evidence shows, for more than 200 years, has proved both beneficial for local communities while remaining commercially viable.

For full story, see this week's Bordon Herald.