William Eichler 12 January 2017

Council to spend £30m on acquiring stake in new bank

Council to spend £30m on acquiring stake in new bank image

Warrington council is to spend £30m on buying a 33% stake in a new bank in order to lend more to small businesses.

In 2013, a Supporting the Local Economy Policy Committee looked into the availability of funds in Warrington for small- and medium-sized businesses.

The committee recommended the council look into setting up a bank to help meet the needs of these local businesses.

The borough council will invest in a new Challenger business bank that hopes to gain a banking licence from the Bank of England in the first quarter of 2017.

This will be a joint venture bank - known as Redwood Bank - between the council and the owners of an established bank, an unnamed ‘major city financier’. If it is granted a banking licence, Redwood will be launched in August.

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