New bank appoints Chief Financial Officer from RBS Wealth Management

POSTED: 9th November 2010
IN: Newsroom

John Baines, the former Chief Executive of Royal Bank of Scotland's Wealth Management Division has joined Aldermore, the new British bank, as Chief Financial Officer (CFO).

John spent eight years at RBS' highly acclaimed Wealth Management Division initially as CFO of the Coutts Group before being appointed CFO and then CEO of the entire Wealth Management Division.

During his tenure at RBS, and despite the banking crisis, John continued to grow revenue and profits in the Wealth Management Division.

In total John has over 20 years' financial services experience. He spent six years at UBS and six years at JP Morgan, working in a range of management roles.

The appointment of John Baines is the second major high profile appointment that Aldermore has confirmed this month. Last week Aldermore appointed Sir David Arculus as Chairman. Sir David is currently Chairman of Numis Corporation PLC, the investment banking and securities group, and is a non-executive director of Pearson.

In their first year Aldermore lent over £300m to SMEs.

Phillip Monks, CEO of Aldermore comments: "We are incredibly pleased that John has decided to take the leap and join Aldermore. I think it says a lot about our prospects that we are able to attract people of John's stature to Aldermore."

"To have his experience of financial management and his operational insight is going to a real bonus to us as we continue our steady but controlled growth."

John Baines comments: "I am also really impressed with the personnel and the setup here. Aldermore has a culture that puts risk management above short term rewards. Whilst it is a growth company it is only interested in growth that it knows is sustainable over the long term.

"I am sure I am not going to be the last new Aldermore recruit who says the opportunity to join Aldermore was too good to turn down."

"Aldermore is one of the best capitalised banks in the UK, with no legacy of bad debts or toxic loans. I think lots of banks would envy that. That is a huge commercial advantage we fully intend to protect."


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