"This acquisition and investment is focused on providing a real banking alternative for Midlands businesses."
The acquisition was granted regulatory approval in late 2020 and this will be the first bank to be launched in the city bearing Birmingham’s name for over a century.
From its Birmingham base, the bank aims to serve SME businesses in the Midlands and then throughout the UK.
Lee Bushell commented: “This acquisition and investment is focused on providing a real banking alternative for Midlands businesses. As an entrepreneur I understand the frustrations many businesses face when dealing with their bank. As we roll out the Birmingham Bank, we aim to simplify banking and focus on the underlying relationship between ourselves and our customers. In an age of FinTechs and large banks – we will sit squarely in the centre and use technology to make banking needs simpler – but use experienced people to make common sense-based decisions.”
West Midlands Mayor, Andy Street, added: “The launch of the new Birmingham Bank is a great boost for the region’s economy and will play an important role in supporting local business and enterprise. Small and medium sized businesses are critical to our economy and jobs and having this new bank embedded in the region will help provide them with the financial support that is crucial – now more than ever.”
