THE launch of a new bank – which the council is spending £30 million to buy a 33 per cent share in – has edged closer following two senior appointments.

Redwood Bank, which has secured its banking licence, has made two senior appointments to its board as part of its 'mobilisation' prior to launch later this year.

David Buckley has been appointed chairman and is a non-executive director, while Nigel Boothroyd will join as a non-executive director.

Mr Buckley holds a number of non-executive and advisory board positions and is currently independent non-executive director and chairman of the audit committee for CIBC World Markets.

Mr Boothroyd brings with him significant executive-level experience within financial services, having spent 38 years at HSBC group.

The pair are relishing the challenge ahead.

Mr Buckley said: "I'm delighted to become chairman of Redwood Bank.

"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.

"With no legacy systems and the ability to develop competitive products, I am excited about our future."

Mr Boothroyd added: "The bank has ambitious plans and a strong team in place to deliver on these.

"I'm excited to be part of this and confident that we can bring a fresh and more customer focused and efficient approach to SME banking."

Redwood Bank co-founder and non-executive director Jonathan Rowland welcomed the appointments.

He said: "We are delighted to have both David and Nigel on our board.

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

Gary Wilkinson, co-founder and chief executive of the bank, added: "David and Nigel are very welcome additions to our experienced team and will both have key roles to play in helping us reach our goals."

In January, the council's executive board agreed for the authority to spend £30 million to buy a 33 per cent share in the new bank – the first time a borough council has made an investment of this type.

Redwood's headquarters are in Letchworth, from which a team of business development managers will provide 'a highly personalised, relationship-driven service, focusing on SMEs throughout its southern and eastern heartland regions of Hertfordshire, Bedfordshire and Buckinghamshire'.

Prior to launch, it will open a northern regional office in Warrington, which will 'spearhead' its lending to SMEs in the town, as well as across the north west.

A launch date has not been set.