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ClearBank is a bank that provides clearing services and Banking as a Service for UK financial institutions.

ClearBank is a greenfield start-up co-founded by PPF Group in 2017, the first new clearing bank to be created in over 250 years, and only the fifth clearing bank operating in the UK; until its founding, only four traditional banks provided agency clearing services to other banks there. 

The new bank aims to become a true challenger to the status quo and enliven competition in its area, which is stymied by a lack of dynamism that slows the development of modern and innovative financial and IT services. The new bank wants to differentiate itself primarily through its use of the latest technology in finance.

ClearBank has a full UK banking license and is regulated by the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority and the Payment Services Regulator.


  • ClearBank is the first new UK clearing bank with all funds held at the Bank of England
  • ClearBank is a “bank for banks”, designed specifically to create a new level of open competition for financial services providers, FCA-regulated businesses and FinTechs
  • It is the only bank ever to join all UK payment schemes at once, supporting regulators to improve access to payment systems. It is also a member of the SWIFT interbank network, and of the leading electronic schemes, including MasterCard, Visa, AmericanExpress, Discover/Diners and JCB
  • It is also the first UK clearing bank with a purpose-built, integrated core banking technology system, and an API developed in accordance with ISO 20022 
  • ClearBank has a ground-breaking partnership with Microsoft, with its technology running on Microsoft’s Azure cloud service and benefiting from its industry-leading cyber security shields
  • ClearBank can also offer its core banking platform to any other financial institution, with the ability to make infinite customisations to match the needs of its clients

ClearBank: Management as of 13th March, 2019

Board of Directors David Gagie – Chair and Independent Non-Excutive Director
Charles McManus, Group CEO & Executive Director
Marc Jenkins, CFO & Executive Director
  Shonaid Jemmett-Page, Senior Independent Director & Chair of Audit Committee
Graeme Smith, Independent Non-Executive Director & Chair of Risk Committee
Phil Kenworthy, Independent Non-Executive Director
Stan Spavold, Investor Director
Mel Carvill, Investor Director
Nick Ogden, Founder & Investor Director

Executive Management

Charles McManus, Group CEO & Executive Director
Marc Jenkins, CFO & Executive Director
  Nigel Walder, Chief Operating Officer
John Salter, Chief Digital and Customer Officer
Andrew Smith, Chief Technology Officer
Philip House, Chief Governance and Legal Officer
Alex Gibbons, Chief Internal Auditor
Bernice Smith, Chief People Officer

Ownership Structure

The two major shareholders are PPF Group N.V. through PPF Financial Holdings B.V. and CFFI UK Ventures (each holding a c.38% stake). The remaining  stake is held by ClearBank’s management and other minority shareholders



ClearBank Ltd.
Floor 29
St Mary Axe
London EC3A 8BF
United Kingdom

Phone: +44 (0) 203 111 2370

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