Redwood Bank will offer secured SME lending products to owner occupied businesses, as well as to experienced commercial and residential property investors. It will also provide business deposit accounts.
Following the council’s investment, prior to launch Redwood Bank will open a northern regional office in Warrington, which will spearhead the Bank’s lending to SMEs in the town as well as the bank’s Heartland region of the North West.
This will be in addition to Redwood’s headquarters in Letchworth, from which a team of business development managers will provide a highly personalised, relationship-driven service, focusing on SMEs throughout its southern and eastern Heartland regions of Hertfordshire, Bedfordshire and Buckinghamshire.
Jonathan Rowland, Co-Founder of Redwood Bank, said:
“Securing a banking licence by the PRA and the FCA underlines the strength of our business model and the calibre of our experienced management team. With the opportunities being created by Brexit and the Financial Services sector’s rehabilitation, this is a great time to be entering the market.”
“We extend a warm welcome to Warrington Borough Council as a new shareholder in Redwood. It’s clear that the council shares our vision to create a robust, secure and profitable bank that is not only well placed to deliver strong returns but also to stimulate sustainable economic growth in Warrington and the surrounding area. This is a unique Public-Private Partnership that heralds a return to community banking in the UK.”
Gary Wilkinson, Co-Founder and Chief Executive of Redwood Bank, added:
“In addition to securing the banking licence, considerable progress has been made in building Redwood’s infrastructure. We have established the new bank’s headquarters in Letchworth, Hertfordshire and have been building a talented and experienced management team. We are well on track to open to customers later this year with a proposition built on competitive rates, superior service and straightforward products.”
