Birmingham Bank set to launch after deal completes
The first bank to have “Birmingham” in its name for over a century is set to be launched.
The new Birmingham Bank has been brought about by the acquisition of Bira Bank by Lee Bushell, the chairman of the Bushell Investment Group.
Katrina Arnold will continue in her role as chairman of the bank. All Bira employees are moving to Birmingham Bank and the change of ownership will not affect the bank’s core management team.
The bank says it will aim to serve SME businesses in the Midlands and then throughout the UK.
Bushell said: “This acquisition and investment is focused on providing a real banking alternative for Midlands businesses.
“As an entrepreneur I understand the frustrations many businesses face when dealing with their bank. As we roll out the Birmingham Bank, we aim to simplify banking and focus on the underlying relationship between ourselves and our customers.
“In an age of fintechs and large banks – we will sit squarely in the centre and use technology to make banking needs simpler – but use experienced people to make common sense-based decisions.”
West Midlands Mayor, Andy Street welcomed the new bank saying: “The launch of the new Birmingham Bank is a great boost for the region’s economy and will play an important role in supporting local business and enterprise. Small and medium sized businesses are critical to our economy and jobs and having this new bank embedded in the region will help provide them with the financial support that is crucial – now more than ever.”
Founded by entrepreneur Lee Bushell, the Bushell Investment Group (BIG) has bought or sold over 40 businesses over the last 23 years.