New CEO appointed at North East challenger bank GB Bank

Stephen Lancaster, a co-founder of GB Bank, replaces Sue Hayes who left the organisation at the end of last year

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Coreena FordChronicle and Journal business writer

16:27, 31 MAY 2022

Stephen Lancaster, CEO of GB Bank (Image: Tom Banks/Banks Photo/GB Bank)

A co-founder of the region’s newest challenger bank has been appointed as its new CEO – the organisation’s third in less than two years.

Stephen Lancaster has been appointed the chief executive of GB Bank, the specialist bank which has pledged to get the ��Ƶ and its regions building again. Mr Lancaster has played an integral role in establishing GB Bank and its cloud-native banking system, having led the build and launch of its platform.

GB Bank is aiming to lend £3bn over five years in property development finance to underserved regions of the ��Ƶ, with an initial focus in the North East, Yorkshire and the North West. Mr Lancaster – the former CEO of Cascade and co-founder of the new bank alongside Stephen Black and Emma Black – has more than 30 years’ experience with particular expertise in fintech.

He replaces Sue Hayes, who left the business at the end of last year to take up a new role.

Ms Hayes had been appointed CEO of GB Bank last May to lead it through the regulatory process of becoming a bank, after spending more than three decades in banking working for some of the largest established players and fastest growing challengers. She left seven months later, after GB Bank had secured its banking licence, to become CEO of the Nottingham Building Society.

She in turn had replaced Steve Deutsch, the challenger bank’s first CEO, who oversaw its progression from a start-up before leaving at the end of 2020.

The co-author of GB Bank’s regulatory business plan, Mr Lancaster’s appointment has now been formally confirmed by the Prudential Regulation Authority (PRA), with consent from the Financial Conduct Authority (FCA).

The bank, which is now approaching its official launch, aims to place itself at the heart of the ��Ƶ’s property development eco-system by delivering lending products to SMEs and property developers. It will also offer incentives for sustainable and zero carbon developments and rewards for developers creating local employment opportunities.

GB Bank is currently authorised with restrictions (AWR) by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This means the bank is not open to trade but is in a period of mobilisation.

Mr Lancaster and his team are working hard with the regulators to get everything ready to start operating in Q3 when the bank will accept its first customer savings and begin lending for residential and commercial property developments.

He said: “Having helped develop the concept for GB Bank and worked with the fantastic team here throughout, it’s a privilege to formally take up the position of CEO to make our vision a reality.

“We are steadfastly committed to delivering on our purpose which is to take property development finance to where it’s needed most and it’s great to see this goal gathering traction as we move ever closer to being fully operational.”

Paul Rippon, GBB’s non-executive chairman, said: “Steve is a visionary, dedicated and well-respected member of the team with a proven track record and whose appointment has been welcomed by us all for the strong leadership, consistency, and values he brings.

“He is passionate about making a tangible difference in the communities we serve and boosting house building and construction at a time where there is a significant undersupply. This really filters down to every member of the team and under his leadership I am confident we will make a huge and positive impact.”