. Press "Enter" to skip to content

GB Bank Receives UK Banking Licence

GB Bank has celebrated a “landmark day” after receiving its UK banking licence.

GBB secured the approval (authorised with restrictions or AWR), meaning it is authorised and regulated to trade with restrictions by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

The Middlesbrough-headquartered challenger bank will provide property development loans of between £1m and £5m to support regional property developers, SMEs, and construction companies across the North East, Yorkshire and North West.

It aims to lend £3bn over five years and build a £1bn-plus balance sheet.

GBB is set to fund almost 20,000 homes and several million square feet of commercial real estate, supporting the creation of more than 100,000 jobs.

Sue Hayes, chief executive at GB Bank, 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 UK public will love.

“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.”

 

 

source link

 43 total views,  1 views today

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *