Teesside Pension Fund invests £20m in GBB

Teesside Pension Fund invests £20m in GBB written by Bella Palmer pension-fund 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.

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Added: 03-12-2021