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.”