UK: New bank launches, offering deposit accounts and mortgages to SMEs

A new bank has opened in the UK focusing exclusively on small and medium-sized enterprises (SMEs). The new bank, Redwood Bank, offers business deposit accounts and mortgages to SMEs in Hertfordshire, Bedfordshire and Buckinghamshire.

Gary Wilkinson, the bank’s co-founder and Chief Executive said, “As many traditional banks are hampered by poor lending practices from their past and their legacy systems, we are perfectly positioned to help British SMEs take advantage of property opportunities by offering a highly-tailored service for clients that are built around our very experienced regional managers.”

Redwood Bank is owned by Redwood Financial Partners Ltd, with 33% of shares being owned by Warrington Borough Council, who have also approved a £30 million investment to contribute to the bank’s capital funding.

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