David Buckley will also serve as a non-executive director following previous experience as chief executive of Morgan Stanley Bank International and European head of the global banking group for Goldman Sachs.

The announcement comes after the new UK SME business bank secured its banking licence earlier this year.

“I’m delighted to become chairman of Redwood Bank,” said David.

“There is huge change taking place in the UK SME banking sector and now is exactly the right time to be launching a new proposition.

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“With no legacy systems — and the ability to develop competitive products ¬ — I am excited about our future.”

David also currently serves as independent non-executive director and chair of the audit committee for CIBC World Markets plc.

He will be joined on the Redwood board by Nigel Boothroyd, who has been named as a non-executive director and intended chairman of the bank’s risk committee.

Between 2012 and 2015, Nigel served as the national head of corporate banking for HSBC Canada.

His appointment at Redwood will be subject to regulatory approval.

“We are delighted to have both David and Nigel on our board,” added Jonathan Rowland, co-founder and non-executive director of Redwood Bank (pictured above).

“They have a wealth of relevant experience and have much to offer us as we look to launch and grow the bank.”

Redwood secured a £30m investment from Warrington Borough Council in April.

The bank will open a northern regional office in Warrington prior to launch.