A former senior European executive at Morgan Stanley and Goldman Sachs is among two finance veterans to take senior board roles at a new UK business bank focusing on small and medium-sized enterprises.

Redwood Bank, a Letchworth-headquartered finance startup , said in a statement that David Buckley has joined as chairman, while Nigel Boothroyd is to become a non-executive director and chair of the bank's risk committee, subject to regulatory approval.