Popup Banner Acca

Join Our Webinar!

How To Pass Your ACCA Exams

Tuesday 23rd April  2024, 11:00 am (UK Time)

Britain’s newest challenger business bank for SMEs launched

Britain’s newest challenger business bank for SMEs launched

A new challenger business bank for small and medium-sized businesses has launched in Britain.

Initially, Redwood Bank will focus on providing alternative lending services to SMEs in Hertfordshire, Bedfordshire, and Buckinghamshire. It will be Britain’s first challenger business bank with 100 per cent cloud-based infrastructure.

Support

Redwood Bank’s headquarters are in Letchworth, with the bank also providing support for SMEs in at its Warrington & North West regional office.

The bank is owned by Redwood Financial Partners Ltd, of which Warrington Borough Council is a shareholder. As part of the council’s 33 per cent stake in the company, its executive board has approved a £30 million investment in the bank.

The bank will provide a number of business banking services nationwide. These include personalised services like SME mortgages for business owners, tailored lending products for property investors, and a business savings account.

Gary Wilkinson, a chartered accountant who has worked in the banking and building society sectors for 30 yearswill manage the day-to-day running of the bank.

Alternative

Commenting on the launch of the bank, Wilkinson said: “We are delighted to be open for business.

We aim to offer a real alternative for small and medium sized organisations. We will provide them simple transparent loans and savings accounts, great service, and a promise that our money is being invested into British businesses and local communities.”

 


Other News

The Importance of Financial Management

Financial management is one of the most important aspects in business. In order to start up or even run a…

ACCA and CIPM of Nigeria sign a collaborative agreement

According to a recent article by The Guardian earlier this month, the Association of Chartered Certified Accountants (ACCA) and the…

AAT achieve KHDA recognition

We are excited to announce that AAT has been officially recognised as an International Certification Organisation by the Knowledge and…

Back to top