The former Head of UK Operations for Barclays Corporate Bank is launching a new lender targeting SMEs.
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div>The former Head of UK Operations for Barclays Corporate Bank is launching a new lender targeting SMEs.
Former Barclays executive Richard Davies is setting up a new bank to target small and medium-sized businesses (SMEs), reported Sky News.
OakNorth, which has secured backing from a group of prominent investors, is currently pursuing licences from the Financial Conduct Authority (FCA).
Richard, who rose to become the Head of UK operations within Barclays’ corporate bank before resigning in November 2013, is Managing Director of OakNorth.Richard was previously Head of Region for Barclays Corporate, which covered SMEs and mid corporates alongside real estate, across South and West London and the home counties.
Richard was at Barclays for over eight years and previously worked at Lloyds TSB.
He is joined by Chris Dailey, who was the Group Operations Director of Aldermore Bank from October 2009 until November 2013.Chris led operations strategy and day-to-day delivery across all the bank’s product lines: Invoice Finance, Asset Finance, Commercial and Residential Mortgages and Savings. He previously worked at GE Capital, GE Commercial Distribution Finance, and Transmerica.
OakNorth states on its website: “OakNorth will focus on the entrepreneurial community in the UK – working with fast growing small and medium sized enterprises, property developers, high net worth individuals and venture capital firms. Oak North will offer a wide range of lending and saving products to assist SMEs and investors in financing their future growth.
“The business model will seek to augment traditional banking practices with digital / new form lending techniques.
“The company has raised significant founding equity, and is backed by a very strong investor group with deep experience in financial services and a proven track record of building companies from the ground up.”
It is reported that OakNorth will offer financial solutions for SMEs with loans available from £20,000 up to £100,000, while repayment terms will be available for any period up to 10 years.
2 Comments
Yang Ling
How do I invest this company itself?
Michael Alexander
This just what the market needs, new lenders with fresh ideas and that element of competition in the SME market place, good luck with the launch.