A management shake-up is taking place at the North East’s newest challenger bank after its chair Paul Rippon and two fellow board members resigned.
GB Bank is aiming to lend £3bn over five years in property development finance to underserved regions of the UK, with an initial focus in the North East, Yorkshire and the North West, having received its full UK banking licence last summer. The organisation, which moved its head office from Newcastle to Middlesbrough, says the huge funding injection will help in the creation of some 100,000 jobs, as well as 20,000 new homes and several million square feet of office space.
Now, after more than two years with the organisation, Paul Rippon has decided to resign. GB Bank scored something of coup when Mr Rippon took on the role as chair, months after deciding to step down from mobile-only bank Monzo to recharge his batteries while also working alongside his wife Debbie at their Northumberland farm, Barnacres Alpacas.
