Aldermore has appointed Tim Boag as interim business finance managing director with overall responsibility for invoice finance, asset finance and commercial real estate.
He will replace Carl D’Ammassa who will leave the Bank on 15 July.
Boag’s appointment is subject to regulatory approval.
He joins from Royal Bank of Scotland (RBS) where he was managing director for its corporate and commercial sector. He was previously on the management board of Lombard, RBS’s asset finance division and he spent seven years on the board of the Business Growth Fund, a company set up to make equity investments in SMEs.
Boag said: “I am excited to be joining Aldermore at this time. With over 10 years in business, it has demonstrated that there is a real need for a specialist bank to help fill the gap in lending to small and medium sized businesses. It has a clear track record of growth and has continued to innovate to meet the changing needs of customers.
“There is a huge opportunity to meet the financing needs of SMEs and, with the support of FirstRand, the Bank has a strong platform to realise this. I look forward, with my team, to achieving our long term vision of growing market share by providing highly competitive products and services.”
James Mack, chief financial officer at Aldermore, added: “I am delighted that Tim is joining Aldermore. His extensive industry experience means he is ideally placed to fulfil our ambitions of becoming the first choice for businesses that need funding to help them grow. Our success is underpinned by our people and I’m sure Tim will be a great asset to Aldermore and our customers.”