The appointment by the board follows its search for a successor to Phillip Monks, who earlier this year announced his decision to retire from Aldermore in 2021.

Phillip founded the bank in 2009. 

Steven is currently the CEO at UK private bank C.Hoare & Co., and brings more than three decades of international banking experience to the role.

He previously worked at Barclays, where he was CEO of the personal banking business across the UK and Europe, and CEO of Barclaycard Business Solutions.  

“Under the leadership of Phillip Monks, Aldermore has gone from a vision to a substantial business in just a short period of time,” Steven commentd.

“The board and shareholders are committed to achieving a similar growth trajectory over the next few years, while maintaining the business purpose and its strong values.

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“I am delighted to be leading this exciting new chapter in the evolution of Aldermore.”

Pat Butler, group chairman at Aldermore, who led the search, said that he was delighted that Steven had decided to join Aldermore.

“His pedigree speaks for itself, and our board is confident that he will build upon Phillip’s legacy and grow our business successfully, while embracing and strengthening our culture and values.

“With Steven’s leadership, we will continue to champion those values, to pursue our purpose of backing people to fulfil life’s hopes and dreams, and to support our customers, colleagues and communities in these difficult times.

“We look forward to welcoming Steven to Aldermore and having a smooth handover from Phillip in the first half of 2021.”

Alan Pullinger, CEO at FirstRand Limited — the South African financial services group that acquired Aldermore in 2018 — added: “It is testament to the quality of the Aldermore franchise that the business has attracted a new CEO of the calibre of Steven.

“We are confident that his track record, across multiple banking disciplines, will ensure Aldermore continues to deliver for FirstRand shareholders.”