Redwood Bank

Redwood Bank reaches profitability and appoints chairman

Redwood Bank has announced that it has achieved monthly profitability.

The bank, which launched in August 2017, has over 5,000 customers, has lent more than £400m to UK SMEs and has attracted deposits of over £400m.

Gary Wilkinson, CEO and co-founder of Redwood Bank (pictured above), attributes the bank’s success to its prudent and controlled approach in managing growth, as well as its focus on customer service, broker engagement and hiring industry talent.

“For far too long there has been limited choice for British businesses when it comes to banking; that has changed with the arrival of new challenger banks, which can provide a more nimble and dynamic service, with tailored solutions,” he added.

“We are proud to be different and to provide a better quality of service to our customers.

“Redwood Bank is perfectly positioned to help British SMEs take advantage of commercial and residential property opportunities by offering a highly tailored lending service for customers and brokers alike, built around a team of very experienced regional managers and efficient, nimble, customer-led processes. 

“The bank has successfully navigated the unprecedented challenges that Covid-19 has caused; in response to the pandemic, like other lenders, we created a large impairment provision during 2020 against future potential credit losses, as a prudent and responsible approach — without this, we would have achieved profitability in 2020. 

“The bank has reached this milestone because we were able to continue to offer vital lending support to British SMEs during the lockdown, when many other lenders retrenched.”

Redwood Bank has also appointed Mark Winlow as chairman to support its next phase of growth.

In addition to his new role at the bank, Mark holds chairman and NED roles at various firms, including Ageas UK, Wellsley Group Investors and Transatlantic Reinsurance Company.

Commenting on his appointment, Mark said: “I am delighted to join Redwood Bank as it continues to grow and support the very best of Britain’s SMEs. 

“It’s clear that the strategy behind achieving profitability has been based on having a clear vision, together with thorough planning. 

“This will continue, as will our measured growth and a hands-on, traditionally tailored approach to customer service.”

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