GB Bank has secured a £20m funding boost to accelerate its growth, and has made several changes at board level.
The bank received an additional £16m from Hera Holdings Ltd and £4m from Teesside Pension Fund.
Since the initial investment in May, GB Bank has set up a new headquarters in London and increased its workforce to serve its expanding client base.
Mike Says, chief executive officer of GB Bank, said: “We are absolutely delighted to have received this additional investment from Hera Holdings Ltd and the Teesside Pension Fund.
“It is a fantastic vote of confidence in our growth strategy and in the progress which we have already made as we look to become the go-to lender for property investments in the UK.”
Chair Mark Sismey-Durrant will step down and be replaced by Huw Morgan (pictured), who has over 25 years’ experience in the banking sector.
Morgan said: “I am really pleased to be given the opportunity to chair GB Bank at this transformational time.
“I look forward to working with my Board colleagues, Mike and the rest of the team as we look to successfully grow the Bank.”
Says said: “We are delighted to welcome Huw on board and are thrilled to have secured someone of his stature and experience to work with us on the next phase of growth at GB Bank.
“I have no doubt that his expertise will prove invaluable as we look to pursue our expansion plans.
Other new appointments include Andrea Hodgson as independent non-executive director and chair of the audit committee, and Ashraf Piranie as non-executive director and chair of the risk committee.
Says commented: “With our new Board team in place and this additional investment, we are looking forward to a real step-change in growth at GB Bank.”
“These are exciting times for us as a business and we are all relishing the opportunity.”
