UK: SME bank Redwood secures banking licence from regulators

Redwood, a UK challenger business bank, is now a fully-fledged bank, after receiving its banking license from the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) in April.

The new bank expects to open to customers later in 2017, with Gary Wilkinson, Co-Founder and Chief Executive of Redwood Bank, stating that the bank was: “well on track to open to customers later this year with a proposition built on competitive rates, superior service and straightforward products.” The new business bank has already had success in building up its infrastructure, with new headquarters planned for Letchworth, Hertfordshire, and the development of a strong management team. On the back of this progress, the bank hopes to launch with a product range that includes secured lending products and business deposit accounts, and will provide services to owner occupied businesses, in addition to commercial and residential property investors.

The bank is also the first to be supported by a Borough Council, with Warrington Borough Council acquiring a 33% stake in the company. Redwood has welcomed the investment as a proof of the bright future of the bank, with the Borough hoping that the investment will further the development of the local area by helping businesses to flourish and contributing to sustainable economic growth.

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