OakNorth Bank

From Wikipedia, the free encyclopedia
OakNorth Bank plc[1]
TypePrivate company
IndustryBanking
Founded2013; 10 years ago (2013)[2]
London, England
FoundersRishi Khosla
Joel Perlman
HeadquartersLondon, United Kingdom
Key people
  • Cyrus Ardalan (Chairman)[1]
    Rishi Khosla (CEO)
    Rajesh Gupta (CFO)
ProductsBusiness loans
Property development finance
Deposits
Number of employees
96+ (2019)
Websiteoaknorth.co.uk

OakNorth Bank is a UK bank for small and medium-sized companies that provides business and property loans. The bank, which gained regulatory approval in early 2015,[3] was founded by entrepreneurs Rishi Khosla and Joel Perlman, who had previously founded Copal Amba.[4][5]

In 2018, the bank's pre-tax profit was £33.9m.[6][7] In 2019, the bank increased pre-tax profits by 95% to £65.9m.[8][9][10][11] In 2020, Financial Times ranked the company at #1 on their list FT 1000: Europe's Fastest Growing Companies 2020.[12]

History[edit]

OakNorth secured a full banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in March 2015 and began deposit taking and lending six months later.[13][14]

The Board is chaired by Cyrus Ardalan, former vice-Chairman of public policy and government relations at Barclays Bank, and includes Edward “Ted” Berk, a faculty member at Harvard Business School, and an ex-managing director of Bain Capital.[15][16][17] In February 2021, Rajesh Gupta, formerly CFO at Kensington Mortgages, joined OakNorth Bank as its CFO.[18] At the same time, Kasia Robinski, was added to OakNorth Bank's board as a Non-Executive Director and Chair of the Audit Committee.[19]

Lord Adair Turner, the former Chairman of the Financial Services Authority (now the Financial Conduct Authority) joined the bank's advisory board in 2017,[20] alongside Martin Stewart, the former Director of Banks, Building Societies & Credit Unions at the Bank of England.[21][22] In January 2020, Philip Hammond, the former UK Chancellor, became the latest member to join OakNorth's Advisory Board.[23][24][25][26]

In May 2016, OakNorth became the first bank in the UK to have the OakNorth Credit Intelligence Suite[27] fully hosted on the cloud after working with Amazon Web Services (AWS) to drive the development forward with the regulator.[28][29][30]

Operations[edit]

OakNorth Bank has regional hubs in London, Manchester, Birmingham, Bristol, Leeds and East Anglia.[31][32][33][34]

OakNorth Bank focuses on providing loans of £0.5m-£25m, as well as a range of savings accounts. At the end of 2020, it had 175,000 savings customers and has lent several billion pounds to British businesses.[10]

References[edit]

  1. ^ a b "OakNorth Bank Limited". Companies House. Retrieved 3 November 2016.
  2. ^ "Oaknorth Bank plc". Companies House. Retrieved 28 December 2019.
  3. ^ "OakNorth gets banking licence, appoints Adair Turner to board". Retrieved 2016-08-16.
  4. ^ "The Big Interview: OakNorth Bank - IBS Intelligence". IBS Intelligence. 2016-11-10. Retrieved 2017-04-04.
  5. ^ Dunkley, Emma (2015-02-19). "OakNorth latest challenger bank on course to gain a licence". Financial Times. ISSN 0307-1766. Retrieved 2016-03-07.
  6. ^ "OakNorth reports £33.9m profit for 2018". Leasing Life. Retrieved 2019-08-09.
  7. ^ "Fintech unicorn Oaknorth more than trebles profits continuing rapid growth". City A.M. 2019-03-20. Retrieved 2019-08-09.
  8. ^ "OakNorth doubles profits but sees slowdown in growth". Financial Times. Retrieved 2020-03-10.
  9. ^ "Oaknorth Bank doubles profits but reports a slowdown in growth". City A.M. Retrieved 2020-03-10.
  10. ^ a b "OakNorth Bank sees pre-tax profits jump 95% in 2019 to £65.9m". Finextra Research. Retrieved 2020-03-10.
  11. ^ "OakNorth sees 95% increase in pre-tax profits". Specialist Banking. Retrieved 2020-03-10.
  12. ^ Cundy, Antonia (March 23, 2020). "OakNorth ranks top in FT 1000 list by providing loans for smaller businesses". Financial Times. Retrieved August 19, 2020.
  13. ^ Dunkley, Emma (2015-03-09). "Lord Adair Turner joins board of digital challenger bank OakNorth". Financial Times. ISSN 0307-1766. Retrieved 2016-06-01.
  14. ^ "OakNorth gets banking licence, appoints Adair Turner to board". Reuters UK. Retrieved 2016-06-01.
  15. ^ White, Lucy (2017-05-22). "OakNorth makes two heavyweight hires". Retrieved 2017-06-14.
  16. ^ Dunkley, Emma (22 May 2017). "OakNorth appoints new board members after Adair Turner departure". Financial Times. Retrieved 2017-06-14.{{cite web}}: CS1 maint: url-status (link)
  17. ^ "Lender @OakNorth has announced new additions to its board, find out who on @Bandcnews". bridgingandcommercial.co.uk. Retrieved 2017-06-14.
  18. ^ "OakNorth Bank to appoint industry heavyweight, Rajesh Gupta, as CFO, who is to join from Kensington Mortgages". Innovate Finance. Retrieved 2020-08-25.
  19. ^ "Meet our people". OakNorthBank. Retrieved 2020-02-01.
  20. ^ "OakNorth boosts Board of Directors - IBS Intelligence". IBS Intelligence. 2017-05-23. Retrieved 2017-06-14.
  21. ^ Finextra (2018-10-16). "OakNorth appoints form PRA director to board". Finextra Research. Retrieved 2018-10-24.
  22. ^ Nicolle, Emily (2018-10-16). "Digital bank Oaknorth hires ex-Bank of England director". Retrieved 2018-10-24.
  23. ^ "Philip Hammond joins advisory board of fintech OakNorth". Financial Times. Retrieved 2020-03-10.
  24. ^ "Philip Hammond joins digital lender Oaknorth as adviser". The Times. Retrieved 2020-03-10.
  25. ^ "Philip Hammond joins British bank OakNorth as adviser". The Guardian. Retrieved 2020-03-10.
  26. ^ "London Fintech OakNorth appoints Philip Hammond to Board". BusinessCloud. Retrieved 2020-03-10.
  27. ^ "ON Credit Intelligence Suite". OakNorth. Retrieved 2021-08-05.{{cite web}}: CS1 maint: url-status (link)
  28. ^ "OakNorth moves core banking backbone to Amazon Web Services cloud". Finextra Research. 2016-05-26. Retrieved 2016-06-01.
  29. ^ "OakNorth takes UK banking into the cloud". Financial Times. Retrieved 2016-06-01.
  30. ^ "OakNorth shifts systems to cloud with AWS - IBS Intelligence". IBS Intelligence. 2016-05-26. Retrieved 2016-06-01.
  31. ^ "New challenger bank OakNorth set to launch with marketing base in Manchester". Prolific North. Retrieved 2016-11-03.
  32. ^ "OakNorth Bank: the new lender founded by entrepreneurs (rather than bankers!) which is taking a traditional approach". Healthcare Business. Retrieved 2020-03-10.
  33. ^ "OakNorth Bank opens Birmingham office to support businesses in the Midlands". Healthcare Business. Retrieved 2020-03-10.
  34. ^ "Challenger bank OakNorth expands regional presence". Belfast Telegraph. Retrieved 2020-03-10.