A challenger financial institution specialising in inexperienced finance has poached its new finance chief from a rival because it seeks to speed up its development in a difficult financial atmosphere.
Sky News understands that David McCarthy, who resigned after eight years as chief monetary officer of Atom in September, is becoming a member of Tandem Bank in the identical position.
Mr McCarthy’s appointment, which will likely be introduced on Monday, will come as a part of a reinforcement of Tandem’s senior administration ranks.
It may even say that Wahid Ali, a former govt at Royal Bank of Scotland and official on the Prudential Regulation Authority, has been recruited as its chief threat officer.
Tandem introduced within the autumn that Alex Mollart had been employed as its chief govt, whereas the previous TSB boss Paul Pester was named chairman earlier within the yr.
The lender, which acquired Harrods Bank in 2018, is backed by the non-public fairness agency Pollen Street Capital.
Its focus is tapping into the rising demand for inexperienced finance by way of merchandise similar to a lately launched inexperienced mortgage.
It additionally launched Tandem Marketplace, a hub for shoppers to search out sustainable and power environment friendly services and products, and is a finance companion to a a number of main power and residential enchancment suppliers.
Tandem’s deposit base is claimed to have damaged by way of the £1bn barrier this yr, though it stays a tiny participant in Britain’s huge retail banking market.
The firm declined to touch upon Mr McCarthy’s appointment on Sunday.
Source: information.sky.com”