GB Bank, one of the UK’s fastest-growing specialist property finance banks, has secured a £20m capital boost to further accelerate its growth plans.
The bank, which specialises in lending to property investors, has received an extra £16m from Hera Holdings Ltd and an additional £4m from the Teesside Pension Fund as it homes in on its initial growth target of £500m in total lending.
Hera Holdings Ltd and Teesside Pension Fund are existing investors in GB Bank, having invested £30m and £6m respectively in 2024 to date.
Mike Says, GB Bank Chief Executive Officer, said: “We are absolutely delighted to have received this additional investment from Hera Holdings Ltd and the Teesside Pension Fund.
“It is a fantastic vote of confidence in our growth strategy and in the progress which 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, as borrowers and brokers appreciate our fast, efficient and flexible approach to lending.
“This investment will further enhance our ability to hit our ambitious lending target in 2025, so we are very grateful to Hera Holdings Ltd and Teesside Pension Fund for their continued support.”
Since receiving the initial investment in May, GB Bank has opened up a new headquarters in London and has expanded its London workforce to service its fast-growing client base.
The Bank is also seeing some changes at Board level.
Chair Mark Sismey-Durrant is stepping down from the role, where he will be replaced by experienced banking industry figure Huw Morgan.
Huw has over 25 years’ experience in the UK banking sector with the majority of that time spent in senior roles.
Huw operated in Executive roles at HSBC, including as Regional Director of the South West and Wales business and Head of the Business Banking UK Leadership team.
He is also an experienced board director and has served on the board of many banking and financial services companies, including ICICI Bank UK plc, Development Bank of Wales, GOcompare Ltd, Inspiretec Ltd and Cardiff Capital Enterprise Zone and Active Quote Ltd. Huw is currently the Chair of Oxbury Bank plc and Premier Forest Ltd.
Mike Says said: “We are delighted to welcome Huw on board and are thrilled to have secured someone of his stature and experience to work with us on the next phase of growth at GB Bank.
“I have no doubt that his expertise will prove invaluable as we look to pursue our expansion plans.
“Mark has been a valued and integral member of the team, helping GB Bank secure investment in May 2024 and advising on the ongoing development of the business and he leaves with our sincere thanks and very best wishes.”
Huw Morgan 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 Board colleagues, Mike and the rest of the team as we look to successfully grow the Bank.
“I would also like to acknowledge the continuing support of our shareholders who have given us the opportunity to realise our business plans. Finally, I would like to express my personal thanks to my predecessor, Mark Sismey-Durrant, who has been particularly supportive.”
GB Bank has also announced other Board changes.
Joining the Board are Andrea Hodgson who joins as Independent Non-Executive Director and Chair of Audit Committee, and Ashraf Piranie, who joins as Non-Executive Director and Chair of Risk Committee.
Andrea is formerly the Chief Financial Officer of Cambridge and Counties Bank and is Non-Executive Director and Audit Committee Chair of SilverRock Bank. She brings extensive experience and financial management capabilities to the Board. Ashraf is the Chief Financial Officer of Redwood Bank and a Non-Executive Director and Chair of Risk Committee at Monument Bank, formerly Group Finance & Operations Director at West Bromwich Building Society and Deputy Chair of the PRA Practitioner Panel, and likewise brings a wealth of relevant experience.
Completing the new Board line-up is Alex Cameron, who joins as Non-Executive Director and Hera Holding Limited Investor representative. Pankaj Thukral is stepping down from the Board to focus on building GB Bank’s lending proposition.
Mike Says said: “With our new Board team in place and this additional investment, we are looking forward to a real step-change in growth at GB Bank.
“These are exciting times for us as a business and we are all relishing the opportunity.”
