REDWOOD Bank – the bank in which Warrington Borough Council has a one-third stake – has scooped two major industry awards.
They have been named winner of the Best Use of Cloud category at the Banking Technology awards and they were recognised at the Savings Champion Awards 2018, picking up the Best Business Notice Account Provider. They were also Highly Commended in the Best Charity Notice Account Provider category.
Since its launch in August 2017, Redwood Bank has invested heavily in technology, people and service, ensuring every customer’s experience is secure, fast and easy.
Chief executive officer and co-Founder Gary Wilkinson said: “These latest award wins top off what has already been an absolutely amazing year
“We’re hugely honoured to receive these impressive accolades and believe they prove further that we’re setting new standards in terms of innovation and outstanding performance, ensuring our customers are always at the forefront of what we do.”
Redwood Bank was also shortlisted in further categories at the same award ceremonies.
At the Banking Technology awards, they were finalists in the Best Use of IT in Corporate Banking category. At the Savings Champions Awards they made the shortlist in the Best Business Fixed Rate Bond Provider and the Best Charity Fixed Rate Bond Provider categories.
They have now been shortlisted in two categories – Best Business Variable Rate Deposit Account Provider and Best Business Fixed Rate Account Provider – at the Business Moneyfacts Group Plc Awards.
Mr Wilkinson added: “The Business Moneyfacts Awards is the largest business finance awards ceremony in the UK and one of the highlights of the industry calendar. To have been shortlisted is something to be proud of, but if we are named a winner, it will mark a fantastic start to the New Year. We’re keeping our fingers crossed.”
Redwood Bank’s products include individually-assessed mortgages for business owners and professional landlords, as well as a range of Best Buy savings accounts, which are offered to charities, clubs and associations as well as businesses.
Members of the Redwood team celebrate their awards
Warrington’s bank scoops two major awards
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This is the bank where WBC put up 90% of the funding in exchange for 33% shareholding. There is something profoundly worrying about this deal. Even if Redwood Bank does exceptionally well, and doubles in value, WBC – that’s you and me, effectively – still makes a multi million pound loss.
The people who put up 10% of the money would make a huge profit, of course.
What happens if the business does badly? If it loses half its value, WBC’s losses are even greater, but the people who put in 10% will make millions in profits.
We need a proper discussion about this project. WBC has put £20 million in already, and plan to invest another £10 million in 2019.