Thirty-year banking veteran Mike Says steps up from CFO. Credit: via Cool Blue

New CEO named as GB Bank relocates head office

Although London will become its headquarters, the specialist property lender said operations in Middlesbrough will be maintained, as Mike Says steps up from chief financial officer.

Says succeeds co-founder Stephen Lancaster, who is stepping away after seven years running the business.

GB Bank announced Mark Sismey-Durrant as its new chairman in February.

The bank, which specialises in lending to SME property developers and investors, recently received £85m investment to support expansion of its lending portfolio and geographical reach.

The funding came from new investor Hera Holdings and a follow-on investment from existing shareholder, the Teesside Pension Fund.

Mayfair will now be the firm’s headquarters, as GB targets the property sector in the capital and the South East.

Lancaster said: “I have had seven incredible years building and launching GB Bank. The recent investment has secured the future of the Bank and now is the right time for me to step away and focus on personal and family commitments. I am incredibly proud of what we have achieved together as a team.”

Says has more than 30 years of banking and finance experience, having held senior positions with Citibank, Capital One, Lloyds and Harrods Bank.

He said: “We plan to significantly accelerate GB Bank’s growth, solidifying our position as a leading specialist lender in the UK residential property sector.

“The move to Mayfair underlines our commitment to the London property market, while we continue to support our valued customers across the UK.”

GB Bank provides funding of up to £10m to support SME property developers and investors across the UK. It will continue to operate from its Middlesbrough office, serving the needs of SME property developers and investors across the North East and beyond.

The bank intends to double its workforce within the next year.

Chair Sismey-Durrant said: “I want to thank Stephen Lancaster for his leadership and contribution to the development of GB Bank which now has a bright future ahead.

“We are delighted to appoint Mike as CEO. He brings relevant experience and industry knowledge to the role which will be crucial as we continue to grow and expand our business.”

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GB Bank will target lending for land and property in London and the South East where land is scarce, most government and coporate headquarters are, so where most jobs are, so real estate prices will keep rising. Clever. Must have an MBA.

By Anonymous

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