Challenger bank expands after £5 billion boost

A digital lender has unveiled expansion plans after breaking a £5 billion balance sheet benchmark.

Chetwood Bank is opening a Manchester office.

Bosses say the move will build on existing bases in London, Wrexham and Fleet, and leave it primed to continue its momentum across the UK banking sector.

They add its progress has been fuelled by demand for mortgage support, delivered through ModaMortgages and CHL Mortgages for Intermediaries, and savings accounts and ISAs.

Officials also cited the challenger bank’s £2 billion investment portfolio, which supports consumer and SME lenders.

Paul Noble, chief executive, said: “The speed with which we’ve crossed the £5 billion mark shows our approach to savings and mortgages is resonating with customers and brokers.

“We’ve built a resilient, diversified balance sheet that sets us up for sustainable profitability – and we’re still building momentum.”

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