Birmingham Bank is launching in the U.K. to help serve small- to medium-sized businesses (SMBs), according to a report from BDaily.
The bank is being launched following the acquisition of Bira Bank by Lee Bushell, chairman of the Bushell Investment Group, the report stated.
That acquisition got regulatory approval in the latter half of 2020. The new bank, according to the report, will be the first in over 100 years to bear Birmingham’s name.
The bank will look to serve SMBs in the Midlands and also throughout the U.K. It will maintain the tradition of Bira Bank in which it will keep just one point of contact, “emphasizing the importance and unique value of relationship banking,” according to the report.
Bushell said the acquisition is “focused on providing a real banking alternative for Midlands businesses,” the report stated.
“As an entrepreneur I understand the frustrations many businesses face when dealing with their bank,” Bushell said, according to the report. “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 center and use technology to make banking needs simpler — but use experienced people to make common sense-based decisions.”
Andy Street, mayor of the West Midlands, said the new bank will bring a “great boost for the region’s economy and will play an important role in supporting local business and enterprise,” the report stated.
“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,” Street said, according to the report.
The U.K. hasn’t been faring well amid the pandemic as of late, though, having to go on another lockdown as a new, highly contagious variant of COVID-19 ravaged the country. New lockdown rules allow people to go out only to buy essentials, go to the doctor, exercise, go to work if they can’t do so at home, or to escape domestic abuse situations.