Aldermore gets City veteran as new chairman

ALDERMORE, one of the new banks to spring up in the UK in the wake of the credit crisis, has scored a coup with the appointment of City veteran Sir David Arculus as its new chairman.

Arculus currently chairs investment banking firm Numis and is a non-executive director at Telefonica, Excel and Pearson. His sparkling corporate career has spanned several decades and some of the UK’s biggest firms, including a stint as chairman of O2, during which he led its sale to Telefonica for £18bn in 2006, and 24 years at media group Emap, latterly as group managing director.

Arculus is also active in governmental circles, having previously advised the coalition on regulatory policy and chaired the Labour government’s Better Regulation Task Force between 2002 and 2006.

Aldermore, which specialises in lending to smaller businesses, also yesterday said it had lured John Baines, the former chief executive of RBS’ wealth management division, as its new chief financial officer.