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The launch of a new property sector specialist bank will create over 100,000 new jobs across the United Kingdom.

GB Bank has been awarded a full UK banking licence in a move which will create tens of thousands of jobs in the banking sector.

The new bank, which has its headquarters in Middlesbrough, has pledged to lend over £3 billion to help develop local communities before the end of 2027.

After receiving almost £50 million in investment from the Teesside Pension Fund, the new GB Bank now plans to facilitate the building of over 20,000 homes and thousands of square feet of office floor space with loans ranging from half a million pounds right up to £5 million.

Announcing the launch of the new venture, GB Bank’s chief executive officer, Stephen Lancaster, said: “We are absolutely delighted to officially launch GB Bank. I’m incredibly proud of the entire team's hard work, which has enabled us to achieve the fantastic milestone of securing our full UK banking licence. Everyone at GB Bank is raring to go and can’t wait to see, first-hand, the positive impact GB Bank will make to communities across the UK.”

GB Bank’s Chairman, Paul Rippon, also commented, saying: “GB Bank is bringing something truly unique to the market, and it’s hugely rewarding to know the future of communities across the UK will directly improve due to our work. The funding will build new homes and offices to reinvigorate communities and create jobs supported by secure and competitive saving accounts.”

“GB Bank is only the second UK bank to launch this year, which demonstrates how incredibly challenging launching a bank is. The team deserves huge credit and we are excited about what the future holds,” added Mr Rippon.

The Mayor of Tees Valley, Ben Houchen, welcomed the announcement, saying: “I am extremely pleased to welcome the launch of Teesside, Darlington and Hartlepool’s first homegrown bank. The launch of GB Bank is a huge step forwards in levelling up our region and truly represents the ambition of our area.”

“The headquarters in Middlesbrough’s Centre Square is already bringing good-quality, well-paid jobs. By bringing the bank's HQ to Middlesbrough, it shows that you don’t have to leave the place you love and call home to forge a rewarding career in finance and professional services,” added Mayor Houchen.