David brings 15 years of experience in the digital arena. He is currently a Non-Executive Director of a number of digital companies, including Cheapflights Media and mySupermarket.com. He is also an active partner of Howzat Media LLP, an internet media investment fund, which he co-founded in 2007.
David was CEO of Cheapflights Media from 2000 to 2008, leading it to become one of the UK's fastest-growing and most profitable digital businesses. In 2008, the company delivered £2 billion in flight revenue sales to its travel partners and attracted 80 million users to its websites on both sides of the Atlantic. Prior to this, he led the global media corporate finance team at ABN AMRO Bank N.V.
David is the author of the best-selling book 'Net Profit: How to Succeed in Digital Business'.
Commenting on today's announcement, Sir David Arculus, Chairman of Aldermore, said: "I am delighted that David has agreed to join the Board. He brings an invaluable depth of experience of digital business at a time when the bank is looking to improve its digital offering still further."
David Soskin commented: "I am pleased to be joining Aldermore at this exciting time of expansion and look forward to working with Phillip Monks and his team in developing the future direction of the business, especially its digital strategy. Aldermore's business model is well suited to the digital age."
With backing provided by AnaCap, Morgan Stanley Alternative Investment Partners, Goldman Sachs Asset Management, Honeywell Capital Management and the Ohio Public Employees Retirement System, Aldermore raises deposits from consumers and is dedicated to responsibly lending that money to UK homeowners and small and medium sized businesses.
As a British bank, Aldermore is regulated by the Financial Services Authority and is registered under the Financial Services Compensation Scheme, which means customers' savings are protected up to the statutory limit of £85,000 per person. Aldermore is also a member of the Council of Mortgage Lenders.
Aldermore's total balance sheet assets currently stand at £1.7 billion and this is growing at approximately £70 million per month. The bank's balance sheet is projected to close 2012 with assets of £2.5 billion.
Since 2009, Aldermore has lent £771 million to over 9,000 SMEs. It funded £1.6 billion of client invoices through its invoice finance business in 2011.
Aldermore has made available to over 4,000 people loans for residential mortgages, totalling £526 million. It was the first bank to reintroduce the 100% loan-to-value (LTV) mortgage, helping first time buyers with a guarantee from a family member to get a foot on the housing ladder.
Aldermore has retail deposits of £1.45 billion and over 60,000 account holders. The bank broke even in June 2011 after only two years of trading, two months earlier than planned.
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