Middlesbrough has joined the race to host a new bank that aims to create 120 jobs in the North East.
GBB – which will be called GB Bank if it receives a banking licence – has been established in Newcastle and is looking at possible sites for its permanent base on Tyneside.
But now the Teesside town has also made a bid to provide offices for the company, with Middlesbrough Council hoping to get GBB to join the Central Square development.
Middlesbrough mayor Andy Preston said: “Along with council staff, I’ve been liaising with the directors about the prospect of GBB having its headquarters in Middlesbrough for some time now. “These talks have not stopped during the pandemic because we are planning for the future.
“For the good of the town, it’s something we’re determined to make happen.”
GBB has been invited to apply for a banking licence and hopes to begin lending and taking deposits next year.
The proposed bank is aiming to specialise in lending to property developers, initially in the North but ultimately around all of the regions of the 海角视频 except London and the South East.
It is also hoping to take deposits from investors, offering bonds starting at £5,000 and going up to £100,000.
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GBB currently has around 20 employees at its initial base in Newcastle city centre. It is looking for permanent premises that will allow it to triple its headcount to more than 60 in readiness for launching, and could ultimately employ around 120 people.
GBB’s chief executive Steve Deutsch added: “We’re looking to employ 60 staff by early next year and more than 120 within five years.
“Other banks to have launched in recent years have started with similar numbers but have quickly grown to create hundreds more jobs and there’s undoubtedly an opportunity to employ significant numbers at GB Bank.
“We’re clearly looking at a range of options, however Middlesbrough offers the right kind of positive, entrepreneurial environment and a supportive local council, so we’re excited by the talks we’ve had with the town’s officials.”
Mr Deutsch was previously chief executive at the Weslyan Bank in the Midlands, and spent almost 20 years in senior roles at Lloyds TSB. The senior management team also includes former Atom Bank, Virgin Money and Santander executives.