Shawbrook poached Santander UK boss Steve Pateman (Source: Getty)
Another sign of the challenger banks are taking over? Shawbrook, the challenger which floated on the London Stock Exchange in April, said today it had poached the head of UK banking at Santander to become its new chief executive.
The bank said this morning that Steve Pateman's appointment, which will begin in January, had come after Richard Pyman, who took a leave of absence in May, decided to step down.
Pateman's been at Santander since 2008, when his focus was on small businesses. He joined from RBS, where he oversaw business banking for retail customers.
Iain Cornish, Shawbrook's chairman, said Pateman will bring a "tremendous breadth and depth of experience across all of our asset classes and an outstanding track record in building highly successful SME banking businesses".
Nathan Bostock, Santander UK chief executive, added: "Steve has played a key role in helping lead the remarkable transformation our business has undergone over the past five years. In particular, we wish to acknowledge his work in creating a scale challenger in the SME market."