New bank serving SME developers names Sue Hayes CEO
GBB, a new bank targeting SME property developers in underserved UK regions, has appointed industry veteran Sue Hayes as CEO.
She most recently led the retail finance business at challenger bank Aldermore, and has also held executive positions at HBOS and ran retail and business banking at Santander before moving to Barclays where she led business banking.
She joins soon after another GBB named Monzo and Starling co-founder Paul Rippon non-executive chairman.
Headquartered in Middlesbrough, GBB intends to get Britain building by providing property development loans of between £1 million and £5 million, with 90% of lending supporting regional property developers, SMEs, and construction companies.
The firm has set itself the target of lending £3 billion over five years building a £1 billion plus balance sheet, funding almost 20,000 homes and several million square feet of office space, supporting the creation of over 100,000 jobs.
“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,” says Hayes.