Charity Bank has entered into a formal alliance with the specialist social investment advisory firm Investing for Good, as it looks to expand its range of services.

As part of the deal, Investing for Good co-founders Geoff Burnand (pictured) and Caroline Mason have joined Charity Bank, with Burnand taking the new role of chief investment officer and Mason assuming the existing role of chief operating officer.

A strategic review is currently being conducted on how the two organisations could grow, which is expected to recommend and therefore lead to a full merger.

In the event of a merger, “a small number” of other Investing for Good employees are likely to join the larger organisation.

Malcolm Hayday, chief executive of Charity Bank, said: “The strategic fit with Investing for Good is very strong and our combined strengths will hasten the development of a broad range of social investment services at the most critical juncture for financial services in a generation.”

Burnand added: “Charity Bank is one of the pioneers in social banking and has a unique ethos. It has a strong track record in development finance supporting charities and social enterprises across the UK, often working in marginalised communities.

It is also the best placed organisation to respond to the growing interest in social finance and we are delighted to have this opportunity.”