North East Devolution and Levelling Up

New bank for levelling up names chief exec

GBB, a new bank focused on lending to under-served regions of the UK, has announced the appointment of Sue Hayes as its chief executive. GBB will be a dedicated lender to SME property developers in key under-served UK regions, with a focus on regional property developers, initially in the North East, and will support the levelling up agenda and help get Britain building again. It will be based in Middlesbrough.

Hayes joins as CEO to lead GBB through the regulatory process of becoming a bank, which is intended to get Britain building by providing property development loans of between £1 million and £5 million, with 90% of lending supporting regional property developers, small and medium sized businesses, and construction companies.

It aims to lend £3 billion over five years and fund almost 20,000 homes and several million square feet of office space, supporting the creation of over 100,000 jobs. For savers, competitive fixed rates will be protected by the Financial Services Compensation Scheme (FSCS).

Sue Hayes said: “Our team is passionate about supporting property developers in areas that have been forgotten about. We want to drive and support the movement to level up the North, get Britain building again, creating more homes and spaces, and drive economic prosperity for all’.