Teesside Pension Fund invests £20m in GBB

GBB will fund around 20,000 homes and office space, and support over 100,000 jobs

The £5.3bn Teesside Pension Fund has invested £20m in GBB, a ground-breaking new bank with a mission to get ‘Britain and the regions building again’.

The investment comes at a good time for GBB, which recently announced it will headquarter its operations in Middlesbrough. An initial team of 60, growing to 120, will be based in the town’s purpose-built 2 Centre Square.

Currently a ‘bank in waiting’, GBB expects to secure its provisional banking licence later this Autumn when it will trade as GB Bank. Once formally up and running it expects to lend £385m in the North East to kick-start residential and commercial projects.

https://www.ukinvestmentguides.com/news/teesside-pension-fund-invests-20m-in-gbb.html