Redwood is a challenger bank founded by the Rowland family - David Rowland a property investor and Conservative Party donor and the majority shareholder of Acorn Global Investments, and his son Jonathan Rowland, who played an important role in the restructuring and subsequent recapitalisation of the Luxembourg arm of the Icelandic bank Kaupthing, now Banque Havilland.
Redwood Bank will be headquartered on the border of Bedfordshire and Hertfordshire and will serve these two counties and Buckinghamshire, coupled with a national network of brokers. Its chief executive, Gary Wilkinson, formerly served as the chief of Cambridge & Counties Bank, overseeing its authorisation and launch in 2012 and move into profit after 13 months, according to The Telegraph.
Acorn Global Investments, which will remain the majority shareholder of Redwood Bank, is backed by Wildcat Capital Management, Falcon Edge founder Rick Gerson and David “Tiger” Williams, the founder of Williams Trading. Current and new shareholders will invest GBP 50m in the bank over the next five years, the site continues.
Currently, in UK there are around 20 banks in the process of attaining an operating licence.
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