Aldermore in shake-up

David Hellier
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COLIN Snowdon, chief executive of Aldermore’s residential mortgage lending, has left after less than a year with the firm. Snowdon is believed to have left by mutual consent.

He was one of the key players at Aldermore, responsible for building up the group’s residential lending business.

Aldermore, one of the new banks to have emerged out of the financial crisis, announced Snowdon’s departure as part of a reorganisation.

It has appointed Charles Haresnape, former group mortgage service director at Connells Group as managing director of residential mortgages at Aldermore.

The mortgage division will be headed by Mark Stephens, deputy chief executive office at Aldermore.

Aldermore scored a coup earlier this month with the appointment of City veteran Sir David Arculus as its new chairman.

Aldermore, which is backed by Anacap and Morgan Stanley, started out by specialising in commercial lending to SMEs. It began lending on buy-to-let mortgages in May this year.