Sismey-Durrant previously ran Hampshire Trust Bank. Credit: Cashplus Bank

New chairman on board at GB Bank

28 February 2024 07:56 Comments (0)

Mark Sismey-Durrant, a 40-year lending veteran, has joined the Middlesbrough-based bank, which provides funding for SME property developers and investors.

He replaces former GB Bank chair, Mike Kirsopp, who has stepped away from the business to return to an executive career.

Since securing its full banking licence in August 2022, GB Bank has approved £73m of funding for more than 100 property and development projects across the country, including more than £16m on projects in the North East.

It is billed as a “community-focused bank which uses regional knowledge and passion to regenerate and build communities in areas that need it the most.”

The MO is to provide SME property developers and investors with funding solutions up to £3m for residential and commercial developments in under-served regions across the UK.

For 23 years, Sismey-Durrant has operated as chief executive at UK banks, most recently Hampshire Trust Bank, where he led a private equity backed management buyout, restructured and scaled the business profitably, enabling it to raise growth capital of £100m.

He is an experienced board director and has served on the board of many banking and financial services companies, including his current chair position at digital specialist, CashPlus Bank.

Sismey-Durrant said: “I’m delighted to be joining GB Bank at such an exciting time for the business and I’m really looking forward to using my experience in specialist banking to help take GB Bank forward.

“The bank was founded with a commitment to serving communities which really makes it stand out and I’m looking forward to working with all of the GB Bank team as we take the business through the next stage of its development.

“There are lots of exciting opportunities in the market which we are looking to tap into as GB Bank matures and develops beyond its highly successful launch phase into an ambitious growth stage.”

GB Bank chief executive and co-founder Stephen Lancaster said: “We are thrilled to have secured Mark’s services as Chair of GB Bank.

“His vast experience and expertise are fundamental for the business as we look to progress to the next stage of our development.

“We’d also like to take this opportunity to thank Mike Kirsopp as he leaves us. Mike has been a valued and integral member of the team for almost three years, helping GB Bank in securing the full banking licence in August 2022, and the ongoing development of the business since then.”