Property finance specialist GB Bank is moving its headquarters from Middlesborough to London in a bid to grow its presence in the capital and South East.
The firm, which was founded in 2017 and secured a full banking licence in 2022, said it would relocate its head office to a recently-opened location in Mayfair.
GB Bank was initially launched in Newcastle but announced in 2020 that it would move its headquarters to Middlesbrough and be the first tenant in the town’s town’s 2 Centre Square development.
The bank also announced that Mike Says would succeed co-founder Stephen Lancaster to become its new chief executive.
Says commented: “We plan to significantly accelerate GB Bank’s growth, solidifying our position as a leading specialist lender in the UK residential property sector.
“The move to Mayfair underlines our commitment to the London property market, while we continue to support our valued customers across the UK.”
Says has spent more than three decades in the banking and finance sector, including senior posts at Citibank, Capital One and Lloyds.
GB Bank provides funding up to £10m to SME property developers and investors, with a focus on getting “Britain and the regions building again”.
Lancaster said “now is the right time” for him to step away from the business after it secured an £85m investment in May to boost its lending capabilities and support plans to double its workforce to around 80 this year.
Mark Sismey-Durrant, GB Bank’s chair, said Says brought “relevant experience and industry knowledge to the role which will be crucial as we continue to grow and expand our business”.