GBB’s Steve Deutsch with Mayor Andy Preston.
Chloe Shakesby

New UK bank creates more than 100 jobs as it chooses Middlesbrough for HQ

A UK bank has announced that it will be creating 120 new jobs as it selects Middlesbrough for its new headquarters.

GBB, which will secure its provisional banking licence this autumn, has confirmed that it will be taking a 15 year lease for 11,000 sq ft of space in 2 Centre Square.

The bank will initially employ a team of around 60 people, and is expecting to double this as it grows.

Once it has the licence, the company will trade under the name GB Bank, and will work with property company to deliver 2,160 new homes across the North East.

Councillor David Coupe, chair of the Teesside Pension Fund, commented: “It’s been a long-term aspiration of the fund to invest in an attractive and well-controlled local opportunity.

“It’s excellent that GBB will put down roots in Middlesbrough. They have a bold plan for the future and it’s excellent news that they will be based in the heart of our town centre.

“Lots of companies are sadly at the mercy of Covid-19 uncertainty, but we’re confident investing in a robust, sector-specific digital start-up such as this is a strong way to maximise returns for the pension fund’s beneficiaries.”

Steve Deutsch, CEO of GBB, said: “This is a landmark moment in our journey. Middlesbrough has a reputation as a hotbed for digital tech innovation, making it a natural fit. 2 Centre Square is a hugely impressive building and will make a great base for the team.

“The bank will meet a real need for SME commercial and residential property developers, as we’ll deliver the finance and relationship support that’s lacking at the moment.

“Establishing a bank in the region benefits everyone, from the people we employ to the jobs created by the property developers we work with. We now have an excellent base, the investment that we need – the next stage is to secure our licence and have the full infrastructure in place ready to launch late 2021.”

Middlesbrough Mayor Andy Preston said: “Middlesbrough’s becoming a much braver and more ambitious town. What we’re going to do is start challenging cities like Newcastle and Leeds for investment and success.

“Having a new bank based in the centre of Middlesbrough is the perfect statement of that new ambition and the first step to success.

“GBB is certainly going to be very successful, create jobs and win national attention, so that’s absolutely fantastic news for our town.

“Basing their headquarters in Centre Square is the first piece of really good news for our ambitions to host more jobs in and around the centre of town. There are several more announcements to follow in the coming weeks.”

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