Chetwood Bank: Challenger bank reaches £5bn milestone as it launches Manchester office
Chetwood Bank has announced that its balance sheet has exceeded £5bn for the first time, marking another significant step in the digital challenger bank’s growth.
In March 2024, Chetwood Bank’s balance sheet totalled £3.bn, reaching £4bn by May 2025.
The company has now reached the £5bn milestone, in a move which the firm said demonstrates “how quickly the bank’s customer base is growing”.
The digital challenger bank has reached this latest milestone just as plans were announced to open a fourth office in Manchester in the coming months, adding to the company’s presence in London, Fleet and Wrexham.
The firm said its fast pace of expansion had been driven in part by its specialist mortgage operations, delivered through ModaMortgages and CHL Mortgages for Intermediaries, alongside several forward-flow arrangements.
Paul Noble, CEO of Chetwood Bank, said: “The speed with which we’ve crossed the £5bn mark shows that our straightforward approach to savings and mortgages is resonating with customers and brokers alike.
“By pairing specialist-lending expertise with a disciplined treasury strategy, we’ve built a resilient, diversified balance sheet that sets us up for sustainable profitability – and we’re still building momentum.”
Chetwood Bank also maintains a £2bn investment portfolio, including senior positions in warehouse financing facilities that support UK consumer and SME lenders.
The firm earlier this year announced that it was expanding its product range to include “easy access” accounts and ISAs, as well as its pre-existing fixed-term products.
Chetwood Bank announced last week that it had appointed Rob Pomphrett as the latest non-executive director to join the firm’s board.
Mr Pomphrett brings over 30 years of experience in the banking and financial markets sector, where he specialised in trading risk and leading global teams.
He previously worked for the Royal Bank of Canada, for nearly two decades, during which time he held positions including the Global Head of Treasury Services and Head of Principal Finance.
He also held various prior roles at prominent financial institutions in London, New York and Hong Kong,
Mr Noble said: “We’re delighted to welcome someone of the calibre of Rob to our Board.
"His deep knowledge of international financial markets will prove invaluable as we embark on our next phase in the evolution of Chetwood Bank.”
Mr Pomphrett added: “I’m looking forward to using the knowledge and expertise I’ve gained from more than 30 years of working in the financial markets to support Chetwood Bank in its ambition of being recognised as one of the UK’s leading digital challenger banks.”