thefintech.info

NEW BANK LAUNCH PROMISES TO BOOST THE UK PROPERTY SECTOR

Featured News

The property sector across the UK is set for a £3bn boost as specialist bank GB Bank officially launches after receiving its full UK banking license.

The Middlesbrough-based GB Bank is now able to go forward with its ambitious plans thanks to the banking license. It has agreed to lend £3 billion over a five-year period. More than 100,000 jobs, 20,000 new houses, and several million square feet of office space will all be supported by the investment.

The bank will provide a variety of fixed-term saving solutions with competitive rates, which will help savers as well. Savings are also covered by the Financial Services Compensation Scheme (FSCS) for up to £85,000, and the money will go directly toward community improvement projects in the area.

“We are absolutely delighted to officially launch GB Bank! I’m incredibly proud of the entire team’s hard work, which has enabled us to achieve the fantastic milestone of securing our full UK banking license. Everyone at GB Bank is raring to go and can’t wait to see, first-hand, the positive impact GB Bank will make to the communities across the UK.”
                                                                                    Stephen Lancaster, CEO of GB Bank.

The revitalization and expansion of local communities are at the core of GB Bank’s lending strategy. It will pledge to hire local expert advisors, promote local employment opportunities, and generate positive effects in communities across the UK that need them the most while offering affordable, customized property development loans with reasonable fixed interest rates.

“GB Bank is bringing something truly unique to the market, and it’s hugely rewarding to know the future of communities across the UK will directly improve due to our work. The funding will build new homes and offices to reinvigorate communities and create jobs supported by secure and competitive saving accounts.
“GB Bank is only the second UK bank to launch this year, which demonstrates how incredibly challenging launching a bank is! The team deserves huge credit, and we are excited about what the future holds.”
                                                                                     Paul Rippon, Chairman of GB Bank.

The pillar investor in GB Bank is The Teesside Pension Fund (TPF). To support the bank’s expansion aspirations, as well as its mission of promoting economic growth and reinvesting in local communities, it has invested £48 million.

“I am extremely pleased to welcome the launch of Teesside, Darlington, and Hartlepool’s first homegrown bank.  The launch of GB Bank is a huge step forwards in levelling up our region and truly represents the ambition of our area.
“The headquarters in Middlesbrough’s Centre Square is already bringing good-quality, well-paid jobs. By bringing the bank’s HQ to Middlesbrough, it shows that you don’t have to leave the place you love and call home to forge a rewarding career in finance and professional services.”
                                                                                      Ben Houchen, Tees Valley Mayor.

The lending will benefit local real estate developers, small and medium-sized businesses, and construction firms. GB Bank will offer property development loans between £500,000 and £5 million.

“Developers are facing numerous challenges such as increasing material costs, access to land and difficulty sourcing and retaining labour. We are helping by working with them to provide quick lending decisions to better enable them to commit to purchasing land, providing competitive fixed interest rates so they can more accurately calculate funding costs together with providing connections to a property ecosystem with local, professional advisors.
“All our loans are tailored to individual developers’ needs and requirements. The Relationship Managers and Credit Partners are based locally meeting with the developer early in the development appraisal to ensure their needs are identified.  This local decision-making ensures that the developer is quickly and efficiently supported throughout their lending journey. We have a real passion for the region and look forward to putting that knowledge and enthusiasm into supporting regional communities that need it most.”
                                                                 Neil Williams, Chief Lending Officer at GB Bank.

GB Bank is a new specialist bank headquartered in Middlesbrough which was granted its full UK banking license on 16th August 2022.

Bank Banking BankingTech Bitcoin budget cash Credit crypto cryptocurrency Currency digital Economy Finance Financial FINTECH fund Payment thefintech trending

Related Posts