GBB, a new challenger bank based in the UK, has secured £28mn investment.
In Brief:
The funding comes from the Teesside Pension Fund (TPF).
GBB intends to secure its provisional licence this year.
At that point, TPF says it will add an extra £20mn.
What does this mean?
GBB intends to focus on SME property developers, making it easier for them to access funding.
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