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NEWS Redwood Bank revs up for launch
banking licence following approval from the UK Financial Conduct Authority and Prudential Regulation Authority. Pitched at SMEs, the venture is the brainchild of Acorn Financial Partners (AFP) and plans to launch to customers later this year.
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Acorn Global Investments is controlled by David and Jonathan Rowland, the latter having played a leading role in the restructuring and subsequent recapitalisation of Kaupthing Bank Luxembourg into Banque Havilland and Banque Havilland (Monaco) S.A.M. The senior management team is led by Gary Wilkinson, the former Chief Executive of Cambridge & Counties Bank, which provides lending and deposit products for SMEs. Warrington Borough Council, meanwhile, has acquired a 33% stake in the challenger bank, the first time a borough council has made an investment (£30 million) of this type. Redwood Bank will be headquartered in Letchworth, but it will also open a northern regional office in Warrington.
Wilkinson says: “In addition to securing the banking Scott Thompson ew entrant, Redwood Bank, has secured a
licence, considerable progress has been made in building Redwood’s infrastructure. We have established the new bank’s headquarters in Letchworth, Hertfordshire and have been building a talented and experienced management team. We are well on track to open to customers later this year with a proposition built on competitive rates, superior service and straightforward products.”
Warrington Borough Council’s executive board member for corporate finance, Cllr Russ Bowden, comments: “This is a really important deal for Warrington and part of our commitment to innovative financial approaches which support growth and sustainability in the borough. We see our stake in the company as an investment in our future. It’s about investing in our local economy, helping businesses thrive and generating income which will enable us to protect council services. I’m delighted that the company has now been granted its banking licence and we can move forward towards its launch.”
www.ibsintelligence.com © IBS Intelligence 2017
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