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The property sector across the UK is expected to receive a £3bn boost as specialist bank GB Bank officially opens in Middlesbrough after receiving its full UK banking licence.
The banking license allows the bank to move forward with its ambitious plans. It has committed to lending £3bn over five years. The financing will support the creation of over 100,000 jobs, 20,000 new homes and millions of square feet of office space.
The Teesside Pension Fund (TPF) is GB Bank’s lead investor, investing £48m to support the bank’s growth plans and its aim of driving economic growth and reinvesting in local communities.
Ben Houchen, Mayor of Tees Valley, said: “I am delighted to welcome the opening of Teesside, Darlington and Hartlepool’s first dedicated bank. The creation of GB Bank is a major step forward in upgrading our region and truly represents the ambitions of our region.”
Middlesbrough Mayor Andy Preston said: “Middlesbrough is home to Britain’s newest bank – great news. Thank you to GB Bank and everyone involved who made this incredible thing possible. Exciting times in Middlesbrough.”
Savers will also benefit as the bank will offer a range of fixed term savings products at competitive rates. In addition, savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 and funds are directly linked to local community developments.
Stephen Lancaster, Chief Executive Officer of GB Bank, said: “We are delighted to formally launch GB Bank. I am incredibly proud of the hard work of the entire team which has enabled us to reach the amazing milestone of obtaining our full UK banking licence. Everyone at GB Bank is excited and can’t wait to see firsthand the positive impact GB Bank will have on communities across the UK.”
GB Bank has placed the renewal and growth of local communities at the heart of its lending policy.
It will provide accessible, bespoke property development loans at competitive fixed rates while committing to using local professional advisors, promoting local employment opportunities and delivering positive benefits to UK communities that need it most.
Paul Rippon, Chairman of GB Bank, said: “GB Bank is bringing something truly unique to the market and it is extremely rewarding to know that the future of communities across the UK will be directly improved as a result of our work. The financing will build new homes and offices to revitalize communities and create jobs supported by secure and competitive savings accounts.”
GB Bank will provide property development loans of between £500,000 and £5m, with the loans supporting local developers, small and medium-sized businesses and construction companies.
