GB Bank primed for 'step-change in growth' after £20 million backing

A challenger bank founded to bolster the UK property market says it is primed for a "step-change in growth" after £20 million support.

GB Bank has received £16 million backing from Hera Holdings and £4 million from the Teesside Pension Fund.

Bosses say the cash – which follows a previous £85 million investment earlier in 2024 – will propel it further towards meeting a £500 million property investor lending target.

Meanwhile, the bank, which was founded in Middlesbrough and earlier this year switched its headquarters to London, has made a number of board changes.

The reshuffle includes industry veteran Huw Morgan replacing outgoing chair Mark Sismey-Durrant, and Andrea Hodgson joining as independent non-executive director and audit committee chair. 

Mike Says, GB Bank chief executive, said: “We are absolutely delighted to have received this additional investment.

“It is a fantastic vote of confidence in our growth strategy and the progress we have already made as we look to become the go-to lender for property investments in the UK.

“We are making substantial in-roads into a number of different sectors, particularly in the buy-to-let market and in London and the South East.

“This investment will further enhance our ability to hit our ambitious lending target in 2025.”

Highlighting the bank’s board changes, which have also seen Ashraf Piranie joins as a non-executive director and risk committee chair, and Alex Cameron arrive as a non-executive director and Hera Holdings investor representative, Mike said the lender is primed for a “real step-change in growth”.

He added: “We are delighted to welcome Huw on board, and thrilled to have secured someone of his stature and experience to work with us on the next phase of growth.”

Huw, who is presently chair of Oxbury Bank and Premier Forest, said: “I am really pleased to be given the opportunity to chair GB Bank at this transformational time. 

“I look forward to working with my colleagues as we look to successfully grow the bank.” 

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