Challenger Bank GBB has secured its 海角视频 banking licence after being authorised and regulated to trade by the Financial Conduct Authority and Prudential Regulation Authority.
Now trading as GB Bank, it has pledged to get the 海角视频 and its regions building again, by supporting property developers in regions of the 海角视频 it says have been forgotten, with an initial focus in the North East, Yorkshire and North West.
GB Bank is aiming to lend £3 billion over five years and build a £1 billion-plus balance sheet.
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The firm, based in Middlesbrough with a Newcastle office, secured a further investment of £28 million from its cornerstone investor the Teesside Pension Fund in August.
It has a strong leadership team comprised of executives who have held senior roles at Barclays Bank, HBOS, Santander, Lloyds Banking Group, Aldermore and whose chairman, Paul Rippon co-founded Monzo and Starling Bank.
He said: “As the 海角视频 recovers from the pandemic it is becoming even more important that we improve the provision of finance to small businesses. GB Bank is perfectly positioned to better serve regional developers who will help Britain build more homes and spaces and drive economic prosperity for all. Obtaining our provisional banking licence is real testament to what the team has delivered so far, and I believe with our experience and expertise we are strongly placed to bring about real change to this market.”
Sue Hayes, chief executive, said: “We are delighted to have gained the confidence of the regulator and receive our banking licence. This is a landmark day for GB Bank, bringing to fruition the hard work of our team to build a new specialist bank that provides much needed financial support to property developers in underserved regions, as well as savings rates that the 海角视频 public will love.
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“I’d like to thank all our shareholders for their valued support along our journey, as well as all our colleagues, past and present, who have been involved in getting us to this point. I would particularly like to thank the Teesside Pension Fund which has supported our vision and journey to this exciting milestone.
“We are determined to be a powerful force in the regions and GB Bank’s purpose goes beyond lending money. Our team is passionate about supporting property developers in areas that have been forgotten about. We want to lead and support the movement to level up the North and get Britain building again.
Emma Black, GB Bank co-founder added: “When we founded GB Bank we were fuelled by a desire to make a difference. We wanted for our customers lives to be improved when they banked with us; we pictured a bank working at the heart of the community, together with its savers and borrowers to bring towns, cities and regions across Britain back to life.
“We must thank all those past and present who have helped and supported the bank in reaching this incredible milestone. We can’t wait to see our vision come to life, truly making a difference in the decades and centuries ahead serving as a catalyst for creating new jobs, homes, offices and so much more.”