REUTERS/Luke MacGregor The BVA wallet is the biggest UK bank’s security system and is set to be launched next month.
BVA has been struggling with a series of crises that have hit the bank, which is also the biggest by assets.
It said on Wednesday that its total liabilities stood at £14.4bn at the end of September.
The bank has already had to close some branches, while it has cut its annual dividend by around 5 per cent in the last year.
It has also suffered a series more bad news in recent months.
In October, it announced that its trading volume had dropped by more than 50 per cent to about 4.8bn euros ($5.6bn).
In January, it was hit by a series a cyber attack that targeted the company’s payment systems.
Last month, BVA announced it would not take on more staff, citing a reduction in demand from customers.
On Wednesday, it confirmed that the BVA fund would be launched on November 15, a move that is likely to be welcomed by customers.
However, BVG has said it expects the fund to raise more than $500m.
BVA has faced criticism from many quarters, including from its own shareholders, for its slow response to the crisis.
Its capital ratio fell from 12.7 per cent of GDP to just 7.9 per cent last year, despite a massive increase in the number of staff.
Earlier this month, the bank was hit with a record £9bn charge by British Airways, the biggest fine ever imposed by the regulator.
Despite this, the BVG shares are up nearly 6 per cent so far this year.