How does someone start a bank. I understand that you have to have a shit ton of money, but how does someone actually start/open a bank of their own? Can mr joe shblow, given that he is able to come up with previously mentioned “shit ton of money”, go out and open his own bank? Obviously it takes time, but what’s the process of doing so?
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In the UK it is very hard. Before September 2011, a new bank wasn’t founded for over 150 years. Since then a few more have opened but the Financial Regulations Board are almost entirely old rich men so they don’t give many people the opportunity to take from their near monopolies.
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