Redwood Bank has appointed two senior directors to its board as it continues its mobilisation prior to launching later this year.
David Buckley has been named as chairman and a non-executive director while Nigel Boothroyd joins as a non-executive director.
Nigel joins after spending 38 years with HSBC Group, where he held a number of senior roles within corporate and commercial banking.
Meanwhile, David holds a number of non-executive and advisory board positions and is currently chair of the audit committee for CIBC World Markets PLC.
He previously held the position of European CFO for Morgan Stanley.
“We are delighted to have both David and Nigel on our board,” said Jonathan Rowland, co-founder and non-executive director of Redwood Bank.
“They have a wealth of relevant experience and have much to offer us as we look to launch and grow the bank.”
Gary Wilkinson, co-founder and chief executive of Redwood, added: “David and Nigel are very welcome additions to our experienced team, and will both have key roles to play in helping us reach our goals.”
The SME bank secured its banking licence in April and received a £30m investment from Warrington Borough Council, which acquired a 33% stake.
Prior to launch, Redwood will open a northern regional office in Warrington to spearhead the bank’s lending to SMEs in the town, as well as in its heartland region of the North West of England.
“There is huge change taking place in the UK SME banking sector, and now is exactly the right time to be launching a new proposition,” said David.
“With no legacy systems and the ability to develop competitive products, I am excited about our future.”
Nigel added: “The bank has ambitious plans and a strong team in place to deliver on these.
“I’m excited to be part of this and confident that we can bring a fresh, and more customer focused and efficient approach to SME banking.”
OakNorth posts £10.6m pre-tax profit
OakNorth has announced that it made a pre-tax profit of £10.6m last year.
Revolut launches disposable virtual cards
Mobile banking platform Revolut has announced the introduction of a disposable virtual card feature to its premium service.
Masthaven teams up with Intrinsic Financial Services
Masthaven has announced a new partnership with Intrinsic Financial Services as the bank looks to enable more brokers to access its range of residential mortgages.
Cambridge & Counties refinances Oxfordshire nursery
Cambridge & Counties has refinanced an Oxfordshire nursery, which is creating 50% more places for local children.
How important are brokers in the specialist banking market?
Brokers are an important channel for newly launched banks, a number of industry professionals have claimed.
BFC Bank enters UK market
BFC Bank has launched into the UK banking market offering financial services to UK SMEs.
Liam Fox launches GREAT Innovation in Action Awards
International trade secretary Liam Fox has launched the GREAT Innovation in Action Awards to find the best partnerships between UK and Asia-Pacific companies.
Teachers Building Society names new board of directors chair
Teachers Building Society has named Julie Nicholson as the new chair of its board of directors.
Church of England introduces contactless payments
The Church of England has introduced contactless, virtual terminal and SMS mobile payments to over 16,000 churches, cathedrals and religious sites across England.
FIBA workshops to feature live deal room
The Financial Intermediary & Broker Association (FIBA) has announced that its upcoming regional workshops will give brokers the chance to interact with partner lenders in a live deal room.