Challenger bank OakNorth makes two heavyweight hires to board of directors

Lucy White
OakNorth hires Navtej Nandra and Edward “Ted” Berk
OakNorth, co-founded by Rishi Khosla (pictured), has hired Navtej Nandra and Ted Berk (Source: Wikimedia Commons)

Continuing its expansion, challenger bank OakNorth has hired a former Morgan Stanley chief executive and an ex-Bain Capital managing director to its board of directors.

Navtej Nandra and Edward “Ted” Berk will join the eight-strong board, which is chaired by capital markets veteran Cyrus Ardalan, as non-executive directors.

Nandra was most recently president of online brokerage E*TRADE, and is a former chief executive of Morgan Stanley Investment Management. Berk is a faculty member at Harvard Business School, and an ex-managing director of Bain Capital where he spent almost 20 years as a private equity investor.

Since its launch in September 2015, OakNorth has built its loan book to more than £500m and achieved profitability in under a year, using data analytics and machine learning to develop its proprietary credit analysis system.

"OakNorth’s market position gives it the opportunity to have a deep and lasting impact on the underserved market it is focusing on. Entrepreneurs and growing businesses in this country need and deserve this kind of financial partner to support them,” said Berk.

OakNorth counts Lord Adair Turner, former chairman of the Financial Services Authority, and Lord Francis Maude, an ex-Conservative MP, as members of its advisory board.

Read more: OakNorth makes three key hires

Nandra currently serves on a number of boards, including Edelweiss Financial Services, Edelweiss Tokio Life Insurance Company, The Centre for Governance, Institutions & Organisations, and The Centre for Asset Management Research & Investments.

He was involved in India's Edelweiss Financial since its inception, working on business diversification and resilience.

Berk, meanwhile, served across a number of markets including North America, South Africa and Japan, and spent time coordinating the European investment committee at Bain Capital.

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