Redwood Bank, Britain’s newest business bank for SMEs, is open for business just over four months after securing its initial banking licence.
Headquartered in Letchworth, Redwood has also opened a Warrington & North West regional office to support growth in the sector in the town and the region.
The bank has a unique ownership. It is wholly-owned by Redwood Financial Partners Ltd, a company controlled by Jonathan and David Rowland, in which Warrington Borough Council has a 33% stake.
As part of this, the council’s executive board has approved an investment of £30m in Redwood as part of the bank’s capital funding.