New Challenger GB Bank Secures UK Banking Licence

GB Bank, a new Challenger focused on bringing much needed financial support to property developers in underserved regions, announced on Wednesday that it has secures UK banking license. It is now authorised and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

Positioned as the ‘go to bank’ for property developers in the North, GB Bank aims to lead the field with its approach to making banking easy. Its cutting-edge systems deliver the best digital experience possible for customers, while a focus on building relationships with property developers ensures they receive a localised service tailored to their individual needs, making the process of accessing finance easier and more straightforward.

“We are delighted to have gained the confidence of the regulator and receive our banking licence. This is a landmark day for GB Bank, bringing to fruition the hard work of our team to build a new specialist bank that provides much needed financial support to property developers in underserved regions, as well as savings rates that the UK public will love,” said Sue Hayes, Chief Executive Officer, GB Bank.

The new lender will fund almost 20,000 homes and several million square feet of commercial real estate, supporting the creation of over 100,000 jobs. Moreover, it has raised additional £28 million in funding following the award of banking licence.