OakNorth Bank

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]

OakNorth Bank plc[1]
Public limited company
IndustryBanking
Founded2013 (2013)[2]
London, England
FoundersRishi Khosla
Joel Perlman
HeadquartersLondon, United Kingdom
Key people
  • Cyrus Ardalan (Chairman)[1]
    Rishi Khosla (CEO)
    Cristina Alba-Ochoa (CFO)
ProductsBusiness loans
Property development finance
Deposits
Number of employees
96+(2019)
Websiteoaknorth.co.uk

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]

History

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.[12][13]

The Board is chaired by Cyrus Ardalan, former vice-Chairman of public policy and government relations at Barclays Bank; and includes the former president of online brokerage E-Trade, Navtej Nandra, and Edward “Ted” Berk, a faculty member at Harvard Business School, and an ex-managing director of Bain Capital.[14][15][16]

Francis Maude, former Minister for the Cabinet Office and former Minister for Trade and Investment, joined the bank as an independent adviser in September 2016.[17] Lord Adair Turner, the former Chairman of the Financial Services Authority (now the Financial Conduct Authority) is also on the bank's advisory board,[18] alongside Martin Stewart, the former Director of Banks, Building Societies & Credit Unions at the Bank of England.[19][20]In January 2019, Philip Hammond, the former UK Chancellor, became the latest member to join OakNorth's Advisory Board.[21][22][23][24]

In May 2016, OakNorth became the first bank in the UK to have the OakNorth Platform fully hosted on the cloud after working with Amazon Web Services (AWS) to drive the development forward with the regulator.[25][26][27]

Operations

OakNorth Bank has regional hubs in London, Manchester, Birmingham, Bristol and Leeds[28][29][30][31]Gurgaon and Bangalore.

OakNorth focuses on providing loans of £0.5m-£25m, as well as a range of savings accounts. At the end of 2019, it had 144,000 savings customers and has lent several billion pounds to British businesses.[32]

References
  1. "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. "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. Dunkley, Emma (2015-03-09). "Lord Adair Turner joins board of digital challenger bank OakNorth". Financial Times. ISSN 0307-1766. Retrieved 2016-06-01.
  13. "OakNorth gets banking licence, appoints Adair Turner to board". Reuters UK. Retrieved 2016-06-01.
  14. White, Lucy (2017-05-22). "OakNorth makes two heavyweight hires". Retrieved 2017-06-14.
  15. "Subscribe to read". Financial Times. Retrieved 2017-06-14.
  16. "Lender @OakNorth has announced new additions to its board, find out who on @Bandcnews". bridgingandcommercial.co.uk. Retrieved 2017-06-14.
  17. "Oaknorth Bank set to hire Lord Francis Maude". The Telegraph. Retrieved 2017-01-05.
  18. "OakNorth boosts Board of Directors - IBS Intelligence". IBS Intelligence. 2017-05-23. Retrieved 2017-06-14.
  19. Finextra (2018-10-16). "OakNorth appoints form PRA director to board". Finextra Research. Retrieved 2018-10-24.
  20. Nicolle, Emily (2018-10-16). "Digital bank Oaknorth hires ex-Bank of England director". Retrieved 2018-10-24.
  21. "Philip Hammond joins advisory board of fintech OakNorth". Financial Times. Retrieved 2020-03-10.
  22. "Philip Hammond joins digital lender Oaknorth as adviser". The Times. Retrieved 2020-03-10.
  23. "Philip Hammond joins British bank OakNorth as adviser". The Guardian. Retrieved 2020-03-10.
  24. "London Fintech OakNorth appoints Philip Hammond to Board". BusinessCloud. Retrieved 2020-03-10.
  25. "OakNorth moves core banking backbone to Amazon Web Services cloud". Finextra Research. 2016-05-26. Retrieved 2016-06-01.
  26. "OakNorth takes UK banking into the cloud". Financial Times. Retrieved 2016-06-01.
  27. "OakNorth shifts systems to cloud with AWS - IBS Intelligence". IBS Intelligence. 2016-05-26. Retrieved 2016-06-01.
  28. "New challenger bank OakNorth set to launch with marketing base in Manchester". Prolific North. Retrieved 2016-11-03.
  29. "OakNorth Bank: the new lender founded by entrepreneurs (rather than bankers!) which is taking a traditional approach". Healthcare Business. Retrieved 2020-03-10.
  30. "OakNorth Bank opens Birmingham office to support businesses in the Midlands". Healthcare Business. Retrieved 2020-03-10.
  31. "Challenger bank OakNorth expands regional presence". Belfast Telegraph. Retrieved 2020-03-10.
  32. "OakNorth Bank sees pre-tax profits jump 95% in 2019 to £65.9m". Finextra Research. Retrieved 2020-03-10.
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