Hammond will work with the specialist bank’s clients and senior policymakers around the world focusing on lending to SMEs.
Before becoming a politician, Hammond ran an SME housebuilding business and as chancellor led a pro-business agenda.
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“We set up OakNorth because of the challenges we experienced in securing finance from commercial banks when trying to scale our first business — challenges that Philip himself experienced as an SME housebuilder,” said Rishi Khosla, co-founder of OakNorth.
“He brings both an international perspective, having worked with finance ministers across the globe, as well as a deep understanding of the British economy.”
Hammond added: “OakNorth is the flagship of the UK's vital and fast-growing fintech sector — attracting record levels of investment and generating sustainable profits while bringing much-needed change to an underserved area of the banking market.”