Decision details

The investment into Bank North Limited (“Bank North”) is in line with the strategic objectives of the business investment strategy and the Local Industrial Strategy and support the key objectives of supporting our globally competitive strengths and strengthening the foundations of our economy. Bank North operates in the Financial Services sector.

The Combined Authority gave approval on 25 March 2022 to give delegated authority for the period 26 March 2022 to 26 May 2022 to the Combined Authority Chief Executive and the Combined Authority Treasurer, in consultation with the Portfolio Lead Leader for Investment and Resources, to approve funding requests for projects in the absence of a Combined Authority meeting at the end of April 2022, and approve any urgent variations on amounts and terms for already approved loans.
Any recommendations approved under the delegation will be subject to the usual due diligence processes and will be reported to the Combined Authority at the next available meeting.

a) the funding application by Bank North Limited (“Bank North”) (investment of £500,000) be given conditional approval and progress to due diligence; and
b) delegate to the Combined Authority Treasurer and Combined Authority Monitoring Officer to review the due diligence information in respect of the company, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the transaction, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of the investment.