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.