GB Bank secures banking licence

Specialist lender GB Bank has now officially launched after receiving its full UK banking licence.

The bank is only the second to launch in the UK this year, and it has committed to lending £3bn over five years, with the funding set to support the creation of more than 100,000 jobs and 20,000 new homes.

GB Bank will also offer a range of fixed-terms saving products, protected by the Financial Services Compensation Scheme up to £85,000.

“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,” GB Bank CEO Stephen Lancaster said.

According to the bank, the renewal and growth of regional communities is at the heart of its lending policy, and it will provide accessible, bespoke property development loans.

“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,” GB Bank chairman Paul Rippon said.

“The funding will build new homes and offices to reinvigorate communities and create jobs supported by secure and competitive saving accounts.”

The bank will also provide property development loans of £500,000-£5m, supporting regional property developers, SMEs and construction companies.