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19 March 2018

Hertfordshire-based bank CEO says “lessons need to be learned” on anniversary of 10-year financial crisis

Ten years on from the global financial crisis, the boss of a Hertfordshire-based bank says "lessons of the past need to be learned" before the UK can move on from a "decade of doom and gloom."

The chief executive officer (CEO) and co-founder of Redwood Bank, Gary Wilkinson, who was recently awarded the top CEO in Hertfordshire prize and named among the top 25 business leaders across the UK by CEO Monthly Magazine, took the stand at two major conferences.

The first event took place on Wednesday, March 14th, the date that officially marks the sale of the leading US finance firm Bear Stearns in 2008, the first casualty of the banking crisis.

He joined an impressive line-up of other challenger bank CEOs at the first event, '10 years on from the global financial crisis - has anything changed?' at Sky Light City Tower in London.

Speaking at the event, Mr Wilkinson, said: "Whilst the financial crisis is behind us, new challenger banks like Redwood Bank have a unique opportunity to learn from the lessons of the past and step-up and meet the needs of today's business customers."

The second event, at the Chief Executives' Lending Forum took place on March 15th at the Waldorf Hilton, also in London.

The conference brought together senior leaders from around the British lending industry to discuss key issues and recognise excellence. The line-up included Lord Alistair Darling, the Chancellor during the economic crisis.

Mr Wilkinson used his knowledge of the industry, as well as his personal experience, to join a panel of people who discussed issues such as best practices to meet customer demands, what the lending market will look like over the next decade and the impact Brexit might have on the UK economy.

Mr Wilkinson said: "There's no doubt about it, the fall-out that occurred once Bear Stearns got bought out by JP Morgan, ripped a huge hole in Britain's finances.

"Slowly and surely, and with new challenger banks leading the way, the mainstream banks have done a lot to refocus and rebuild their businesses over the last 10 years. Together, the industry is looking to put the doom and gloom of the last decade behind it.

"At Redwood Bank we're proud to be taking the lead in and for Hertfordshire, and we are proud of what we've achieved in our first six months. I enjoyed speaking at both events and explaining how we, as a new bank, have chosen to invest in people, service and technology in order to help make simple mortgages and savings available for the region's businesses, to help them grow."

Redwood Bank was launched in August 2017, becoming Britain's newest challenger bank for small to medium sized businesses.

The Bank's products include individually-assessed mortgages for business owners and professional landlords, as well as a range of Best Buy savings accounts, which is offered to charities, clubs and associations as well as businesses.

For further information, visit redwoodbank.co.uk

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