Cambridge & Counties Bank

Last updated
Cambridge & Counties Bank Limited
Formerly
  • Cambridge & Counties Limited (March–June 2012) [1]
  • Cambridge and Counties Bank Limited (June–July 2012) [1]
Company typeBank
FoundedJune 2012 (2012-06) in Cambridge, UK
Headquarters,
England, UK
Area served
UK
Key people
  • Donald Kerr (CEO)
  • Simon Moore (Chairman)
  • Andrea Hodgson (CFO)
Products
  • Property Finance
  • Asset Finance
  • Classic
  • Vintage
  • Sports Car Finance
  • Business Savings
Website ccbank.co.uk

Cambridge & Counties Bank Limited is a bank based and operating in the United Kingdom specialising in property finance, asset finance, classic, vintage, sports car finance and savings accounts for small to medium enterprises (SMEs) and credit unions.

Contents

The head office is located in the city of Leicester and the bank offers nationwide coverage through satellite offices. Cambridge & Counties Bank launched in June 2012 across Great Britain [2] and has a unique ownership structure, [3] being owned 50% by Trinity Hall, a Cambridge University college, and 50% by Cambridgeshire Local Government Pension Scheme. [4]

Cambridge & Counties Bank is registered under Company Registration No: 07972522. [5] The bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and can be found under the Financial Services Register No: 579415. [5]

Services

Cambridge & Counties Bank specialise in property finance for experienced property investors. The property finance product range includes commercial investments, residential investments, bridging finance, secured pension lending, holiday lets, mixed-use and refurbishment loans.

The asset finance product range includes hire purchase and finance lease, and the bank is a member of the Finance and Leasing Association.

The classic car finance product range includes purchase finance, equity release and auction finance and is available for classic cars, vintage cars, modern classics and racing cars.

The bank operates a more traditional manual underwriting process where individual underwriters make decisions on each lending application, essentially combining a modern first class personal service with traditional banking values and processes.

The savings account range typically includes notice savings accounts and fixed rate bonds that are available to a varied range of organisations such as businesses, charities, clubs & associations and trusts.

Awards

YearAwardResult
2015 Leicester Mercury Women in Business Rising Star AwardWinner (Rachel Curtis-Bowen)
2015Business Moneyfacts Awards – Best Business Variable Rate Deposit Account ProviderHighly Commended
2016 East Midlands Chamber of Commerce Business Awards - Social Impact AwardFinalist
2016East Midlands Chamber of Commerce Business Awards - Outstanding Growth Performance AwardFinalist
2016Leasing World Awards – New Challenger of the YearWinner
2016Leicestershire Cares – Team of the Year AwardWinner
2017Business Moneyfacts Awards - Best Business Variable Rate Deposit Account ProviderWinner
2017Business Moneyfacts Awards - Best Business Fixed Account ProviderCommended
2017Business Moneyfacts Awards – Best Service from a Commercial Service ProviderFinalist
2017East Midlands Chamber of Commerce Business Awards – Excellence in Customer ServiceWinner
2019Savings Champion Awards - Best Charity Fixed Rate ProviderWinner
2019Savings Champion Awards - Best Business Fixed Rate ProviderWinner
2019Business Moneyfacts Awards - Best Business Fixed Account ProviderHighly Commended
2020Savings Champion Awards - Best Charity Fixed Rate Bond ProviderHighly Commended
2020Savings Champion Awards - Best Business Fixed Rate ProviderHighly Commended
2020Business Moneyfacts Awards - Best Business Fixed Account ProviderHighly Commended
2021Business Moneyfacts Awards - Best Service from a Commercial Mortgage ProviderCommended
2021Savings Champion Awards - Best Business Fixed Rate Bond ProviderWinner
2021NACFB Patron Awards 2021 - BDM Team Of YearHighly Commended
2021NACFB Patron Awards 2021 - Commercial Mortgage Lender of the YearHighly Commended

Awards

YearAwardResult
2015Investors in the Environment – Best Green Champion 2015-16Winner
2015Investors in the Environment – Great Green Star Award 2015-16Winner
2016Investors in the Environment – Green Award 2016-17Winner
2016Investors in the Environment – Best Green Champion 2016-17Winner
2016Green Apple Awards – National Bronze Award for Banking, Finance & InsuranceWinner - Bronze
2020Investors in the Environment - Green Awards 2020-21Winner

See Awards and partners | About us for full list of awards.

History

At launch, Cambridge & Counties Bank offered secured loans to SMEs for business mortgages and commercial property investment. Five months after launch, residential property investment lending was added to the portfolio.

On its first anniversary, the bank announced that it had made loans totalling £40m[ citation needed ] and had signed up its 1,000th new customer. Shortly afterwards the bank confirmed it had achieved break even on a monthly trading basis. [6] By the end of 2013 the business bank had lent more than £113m, with more than 250 loans. [7]

In October 2014, Mike Kirsopp was appointed as Chief Executive Officer for the bank, [8] which was followed by the opening of a Bristol-based regional office covering the South West and Wales regions of the UK. [9] A Sheffield-based regional office was also opened in 2014 covering the North and Scotland regions. [10]

In March 2015, Cambridge & Counties Bank announced pre-tax profits of £2.5m for the 2014 calendar year after a £99k loss in the calendar year 2013. They also announced the staff levels were at 65 with a customer satisfaction rate of 99% at the end of 2014. [11]

Cambridge & Counties Bank entered the asset finance market in May 2015, with three product offerings including hire purchase, finance lease and chattel mortgage. The official launch was in 2016, which also saw the asset finance division win the New Challenger of the Year award at the Leasing World Awards. [12]

In March 2016, the bank announced its 2015 results reporting a £10.2 pre-tax profit. Staff numbers increased by 45% from 65 in 2014 to 94 in 2015 and the 99% customer satisfaction rating was maintained. [13] The Birmingham-based regional office opened in March 2016 [14] and also in that year, Simon Moore took over the role of Chairman from Paul ffolkes Davis who had conducted the role since the inception of the bank in 2012. [15] The annual results for the 2016 calendar year were published in March 2017 at which the bank announced a 77% increase in their year on year pre-tax profits, with their 2016 profits at £18.1m. Along with this staff numbers rose to 121 and customer satisfaction was maintained at 99% for the third year running, with 99% of new customers happy to recommend the bank. [16]

In July 2017, Andrea Hodgson was appointed to the Board as Chief Financial Officer. Simon Lindley, who joined the bank in 2012 as a Business Development Manager, moved from his position as Commercial Director to Chief Development Officer completing the suite of five executives on the board.

In 2018, the bank signed the ‘Enable Guarantee’ with the British Business Bank and announced its 2017 results reporting a pre-tax profit of £24.4m. The Bank also hosted a showcase of the Lancelot Ribeiro exhibition that was held at New Walk Museum. 2018 saw the Bank add the Classic, Vintage, Sports Car Finance product to their portfolio, expanding their specialist offering.

2019 saw the Bank announce a balance sheet of over £1bn, become a patron of the National Association of Commercial Finance Brokers (NACFB) and expand into Scotland with the appointment of an Area Director for the region. In March 2019, they announced a pre-tax profit of £27.9m.

2020 saw the departure of two board members; Chief Executive Officer, Mike Kirsopp and Chief Customer Officer, Rachel Curtis-Bowen. Mike Kirsopp was replaced by Donald Kerr in December 2020, and Tina Hayton-Banks joined as Chief Operating Officer in November 2020.

In 2021, Paul ffolkes Davis stepped down as Vice-Chairman to the Board and Tim Harvey Samuel joined the Board as a shareholder representative for Trinity Hall. David Holton was appointed to the position of Chief Transformation Officer with a lead on a wide range of key projects for the bank with a view to further developing its competitive position in the market. The bank was also awarded a Carbon Neutral Plus status for the 2019/2020 period by Carbon Footprint Ltd. In September 2021, Cambridge & Counties Bank hit £1 billion in customer deposits.

Affiliations and sponsorships

See the awards page for more details.

Related Research Articles

<span class="mw-page-title-main">Loan</span> Lending of money

In finance, a loan is the transfer of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money.

<span class="mw-page-title-main">HSBC</span> British multinational bank group

HSBC Holdings plc, originally The Hongkong and Shanghai Banking Corporation, and known locally as HongkongBank in Hong Kong, Canada and Australia during the early 1980s to late 1990s, is a British universal bank and financial services group headquartered in London, England, with business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA).

Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank, the OECD, European Union, the United Nations, and the World Trade Organization (WTO).

<span class="mw-page-title-main">The Co-operative Bank</span> Retail and commercial bank in the United Kingdom

The Co-operative Bank plc is a retail and commercial bank in the United Kingdom, with its headquarters in Balloon Street, Manchester. Established as a bank for co-operators and co-operatives following the principles of the Rochdale Pioneers the business evolved over the twentieth century into a mid sized British high street bank operating throughout the UK mainland. Transactions took place at cash desks in co-op stores until the 1960s, when the bank set up a small network of branches that grew from 6 to a high of 160. Branches for residents of the Isle of Man and the Channel Islands were closed in the 2010s during a significant rescaling exercise. As of 2023 it has 50 branches in the UK.

GE Capital is the financial services division of General Electric.

<span class="mw-page-title-main">Allied Irish Banks</span> One of the four main commercial banks in Ireland, operating in multiple market segments

Allied Irish Banks, p.l.c. is one of the so-called Big Four commercial banks in the Republic of Ireland. AIB offers a full range of personal, business and corporate banking services. The bank also offers a range of general insurance products such as home, travel and car. It offers life insurance and pensions through its tied agency with Irish Life Assurance plc.

<span class="mw-page-title-main">Al Rayan Bank</span> Sharia-compliant commercial bank in the UK

Al Rayan Bank PLC is a commercial bank in the United Kingdom, established in August 2004 to offer Sharia compliant financial service products to customers of any faith. The Bank serves its Premier and Commercial customers through Relationship Managers based in London. Retail customers are served through the Bank's Digital Banking and Telephone Banking services.

Peer-to-peer lending, also abbreviated as P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers. Peer-to-peer lending companies often offer their services online, and attempt to operate with lower overhead and provide their services more cheaply than traditional financial institutions. As a result, lenders can earn higher returns compared to savings and investment products offered by banks, while borrowers can borrow money at lower interest rates, even after the P2P lending company has taken a fee for providing the match-making platform and credit checking the borrower. There is the risk of the borrower defaulting on the loans taken out from peer-lending websites.

<span class="mw-page-title-main">Borro Private Finance</span> UK based personal asset finance company

Borro is a US-based online pawnbroker and secured lender that offers loans secured on luxury assets. The company provides loans allowing clients to use luxury assets such as fine art, classic cars, jewelry, watches and other collectibles.

<span class="mw-page-title-main">Metro Bank (United Kingdom)</span> Bank operating in the United Kingdom

Metro Bank plc is a retail and commercial bank operating in the United Kingdom, founded by Anthony Thomson and Vernon Hill in 2010. At its launch it was the first new high street bank to launch in the United Kingdom in over 150 years. It is listed on the London Stock Exchange.

<span class="mw-page-title-main">Andrew Murstein</span> American businessman

Andrew Mead Murstein is an American businessman. He is the founder, president, board member and, with his family, the largest shareholder of Medallion Financial Corp., an investment company publicly traded on the Nasdaq stock exchange under the symbol MFIN. MFIN and its predecessor companies have invested over $10 billion in various companies throughout the U.S.

<span class="mw-page-title-main">Wonga.com</span> English payday loan provider

Wonga.com, also known as Wonga, was a British payday loan firm that was founded in 2006. The company focused on offering short-term, high-cost loans to customers via online applications, and began processing its first loans in 2007. The firm operated across several countries, including the United Kingdom, Spain, Poland and South Africa; it also operated in Canada until 2016, and in Germany, Switzerland, Austria and the Netherlands through the German payments business, BillPay, between 2013 and 2017.

<span class="mw-page-title-main">Gatehouse Bank</span>

Gatehouse Bank PLC (بوابة البيت) is a UK regulated bank headquartered in London, with additional offices in Milton Keynes and Wilmslow.

Aldermore Bank plc is a retail bank which provides financial services to small and medium-sized businesses and personal customers. It was founded in 2009 and listed on the London Stock Exchange in March 2015. It was a constituent of the FTSE 250 Index until it was acquired by South African banking conglomerate FirstRand in March 2018.

ThinCats UK business lender

ThinCats is an alternative lender that provides business loans to mid-sized UK businesses using capital from institutional investors including pension schemes and asset managers. Founded in 2011, ThinCats operates throughout the UK with offices in Ashby, Sheffield, Birmingham, Glasgow and London.

LendInvest is a non-bank mortgage lender in the UK, and is a property lending and investing platform. As an alternative Fintech lender in the property market, LendInvest provides finance to property professionals and small and medium-sized businesses (SMEs) around the UK. It also makes it possible for individuals, corporates and institutions to invest in secured property loans originated and underwritten by its mortgage team.

<span class="mw-page-title-main">Folk2Folk</span>

FOLK2FOLK is a Marketplace lending platform (MPL) specializing in secured lending for business owners across the rural and regional parts of the UK. It matches businesses looking for capital with individual (retail) and institutional investors who receive a fixed interest rate from 7.5% p.a. secured against UK land or property. Investors receive the same interest rate that the Borrower pays, with FOLK2FOLK making its profit from an arrangement fee and annual renewal fee charged to Borrowers.

Profit and Loss Sharing refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Muslims subscribe to. Mudarabah (مضاربة) refers to "trustee finance" or passive partnership contract, while Musharakah refers to equity participation contract. Other sources include sukuk and direct equity investment as types of PLS.

Bajaj Finance Limited (BFL) is an Indian non-banking financial company headquartered in Pune. It is one of the leading non-banking financial companies (NBFCs) of India with a customer base of 73 million and holds assets under management worth 270,050 crore (US$34 billion).

Fullerton India Credit Co. Ltd. is a non - banking financial company in India. It is headquartered at Mumbai, India and deals with financing across retail and rural segments. The company provides unsecured as well as secured lending products through a diverse branch network as well as via digital channels to individuals and MSMEs. 

References

  1. 1 2 "Cambridge & Counties Bank Limited overview - Find and update company information - GOV.UK". Companies House . 2012-03-01. Retrieved 2024-02-16.
  2. "Cambridge University launches bank". BBC News. Archived from the original on 2018-10-25. Retrieved 2018-07-21.
  3. "Our Story - Cambridge & Counties Bank". Archived from the original on 2017-10-12. Retrieved 2017-10-12.
  4. "Cambridgeshire County Council". Archived from the original on 2017-10-12. Retrieved 2017-10-12.
  5. 1 2 Financial Services Register
  6. "Cambridge & Counties Bank releases £100M to SMEs & becomes profitable in first year". 4 September 2013. Archived from the original on 12 October 2017. Retrieved 12 October 2017.
  7. Ltd, Insider Media. "Cambridge & Counties beats lending targets". Archived from the original on 2021-10-22. Retrieved 2017-10-12.
  8. Ltd, Insider Media. "New chief executive unveiled at Cambridge & Counties". Archived from the original on 2014-10-20. Retrieved 2017-10-12.
  9. "Further expansion at Cambridge & Counties Bank's Bristol office in first year of business - Bristol Business News". www.bristol-business.net. Archived from the original on 2017-10-12. Retrieved 2017-10-12.
  10. "Cambridge & Counties expands lending team". bridgingandcommercial.co.uk. Archived from the original on 2018-08-31. Retrieved 2017-10-17.
  11. "Cambridge & Counties Bank reaches lending milestone - Business Weekly - Technology News - Business news - Cambridge and the East of England". www.businessweekly.co.uk. Archived from the original on 2017-10-13. Retrieved 2017-10-12.
  12. "A great night of Awards and Rewards- LeasingWorld - News". www.leasingworld.co.uk. Archived from the original on 2017-10-12. Retrieved 2017-10-12.
  13. "Cambridge & Counties Bank reports record year end growth - East Midlands Business News". eastmidlandsbusinessnews.co.uk. Archived from the original on 2017-10-12. Retrieved 2017-10-12.
  14. Brown, Graeme (18 December 2015). "Business bank Cambridge & Counties opens in Birmingham". Archived from the original on 12 October 2017. Retrieved 12 October 2017.
  15. "Challenger bank names new chairman". www.bridgingandcommercial.co.uk. Archived from the original on 2021-10-22. Retrieved 2017-10-12.
  16. Kirton, Hayley (5 March 2017). "Cambridge & Counties Bank announces a record year for 2016". Archived from the original on 13 October 2017. Retrieved 12 October 2017.