North East challenger bank GB Bank is pleased to announce the appointment of Megan McCracken as Senior Independent Director.

GB Bank is a new specialist bank headquartered in Middlesbrough. Committed to boosting economic growth and prosperity for underserved regions of the UK, GB Bank will provide accessible, bespoke property development loan products with incentives for developments that are sustainable and provide positive social impact.

Megan is an experienced Non-Executive Director with board roles across global corporations like State Street and Fidelity, as well as smaller, high growth businesses. She brings a breadth of industry expertise to GB Bank, together with a depth of finance, digital and ESG Skills.

Megan has an extensive career across financial services, strategy consulting, and engineering. Most recently, she led strategic initiatives for financial institutions including Citigroup, HSBC and Marex, with a focus on digital transformation and sustainable finance. Prior to banking, Megan was a consultant delivering projects across industries, functions and geographies, and directing businesses in a fast-evolving market and regulatory environment. She began her career in the highly technical field of aerospace engineering, where she led space operations for Boeing’s 601HP satellite line.

Megan’s experience across the boards of a FTSE 250 investment trust, a global trustee bank, a venture capital trust (VCT), a UK marketplace lender, a high growth digital company, and a top tier academic institution equip her well to support GB Bank as we transition from building a bank into serving clients across their saving and lending needs.

Megan holds a master’s diploma in Corporate Governance and was awarded the Institute of Directors Non-Executive Director of the Year and Innovate Finance’s Standout Fintech awards. She is dedicated to GB Bank’s mission, saying “It’s exciting to join a bank with such an important role in supporting regional development and helping the UK to achieve its Levelling Up agenda.”

Paul Rippon, GB Bank’s Non-Executive Chairman, said: “I am delighted to welcome Megan McCracken to the board. Dynamic and talented, Megan has an incredibly impressive track record and brings experience, energy and vision to the role. We look forward to working with Megan to further GB Bank’s ambition to improve the funding options available for regional property developers across the UK.”

Category Business, News

Stephen Lancaster has been appointed CEO of GB Bank, the purpose-driven specialist bank committed to boosting economic growth and prosperity by providing property development finance in underserved regions of the UK.

A co-founder of the bank, Stephen has played an integral role in establishing GB Bank and its unique cloud-native banking eco-system, which provides a seamless and secure customer experience.

Stephen is the former CEO of Cascade and led the build of its cloud native platform. He has over 30 years’ multi-industry and cross sector experience with particular expertise in FinTech. His core strengths lie in building start ups, business strategy, technology and programme delivery.

The co-author of GB Bank’s regulatory business plan, Stephen’s commercial background complements the banking experience in the Executive Team and Board, which is chaired by Monzo and Starling founder Paul Rippon. His excellent track record in leading and managing business change, as well as in driving business and team performance has been clearly visible with the significant progress GB Bank has made through mobilisation as the bank moves closer to launch.

His appointment has now been formally confirmed by the Prudential Regulation Authority (PRA) with consent from the Financial Conduct Authority (FCA).

Developed with co-founders Stephen Black and Emma Black, GB Bank utilises regional knowledge and passion to support, regenerate and build communities in areas which need it most. Delivering bespoke lending products to SMEs and property developers, the bank will offer incentives for sustainable and zero carbon developments and rewards for developers creating local employment opportunities putting GB Bank at the heart of the UK’s property development eco-system.

In the new role, Stephen takes responsibility for the strategic leadership and direction of GB Bank and is focused on the bank’s mobilisation and fundraising, alongside people, financial and risk management.

GB Bank is currently authorised with restrictions (AWR) by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.  This means the bank is not open to trade but is in a period of mobilisation. Stephen and his team are working hard with the regulators to get everything ready to start operating in Q3 when the bank will accept its first customer savings and begin lending for residential and commercial property developments.

Stephen Lancaster, GB Bank’s CEO, said: “Having helped develop the concept for GB Bank and worked with the fantastic team here throughout, it’s a privilege to formally take up the position of CEO to make our vision a reality.

“We are steadfastly committed to delivering on our purpose which is to take property development finance to where it’s needed most and it’s great to see this goal gathering traction as we move ever closer to being fully operational.”

Paul Rippon, GBB’s Non-Executive Chairman, said: “Steve is a visionary, dedicated and well-respected member of the team with a proven track record and whose appointment has been welcomed by us all for the strong leadership, consistency, and values he brings.

“He is passionate about making a tangible difference in the communities we serve and boosting house building and construction at a time where there is a significant undersupply. This really filters down to every member of the team and under his leadership I am confident we will make a huge and positive impact.”

Category Business, Investment, News