Surprise change in leadership at Shawbrook

Challenger bank Shawbrook has promoted Richard Pyman, head of its asset finance arm, to the post of chief executive after the surprise resignation of Ian Henderson.

The lender, which is chaired by former Royal Bank of Scotland boss Sir George Mathewson, did not give a reason for the departure of Henderson, who had been in the role since December 2012.

Mathewson said: “Richard’s appointment as Shawbrook’s new chief executive was the natural choice following Ian Henderson’s resignation.

“His appointment and leadership will allow us to move forward on our development strategy to position Shawbrook for the next phase of growth.”

Pyman was previously managing director of Singers Asset Finance, which the bank bought for an undisclosed sum in March 2012.

Shawbrook said in September that it had lent more than £1 billion since it was launched in 2011.

Rival Aldermore today said that its assets had surged 66 per cent to more than £4 billion last year, with lending to small firms rising 53 per cent to almost £1.7bn.

Pre-tax profits soared from £1.5 million in 2012 to £22.4m, boosted by a lower cost to income ratio and a sharp increase in customer balances.

Chief executive Phillip Monks, a former head of corporate banking at Barclays, said: “We have made a strong start to the year and are on track to achieve further growth.”

Aldermore was formed in 2009 with backed from private equity firm AnaCap and Morgan Stanley Alternative Investment Partners.