Apollo Setting Up a New Bank?

Apollo Global Management reportedly intends to create a new bank by the name of Ares. The bank has not yet received regulatory approval, but a management team from Countrywide Financial will be brought on to run the bank if approval is secured. To bypass restrictions and the label of a bank holding company, Apollo is hoping to take advantage of a provision in the new federal reform bill allowing banks to operate in multiple states without a national charter by having its investors invest in the bank alongside of it instead of through its fund.