Steven Cooper is to take over as chief executive officer at the Aldermore Group stepping into the role in May 2021, subject to regulatory approval.

Earlier this year, the current chief executive Phillip Monks OBE announced his decision to retire from Aldermore in 2021, after founding the bank in 2009.

Cooper is chief executive of C Hoare & Co and has more than three decades of international banking experience. He previously worked at Barclays where he was chief executive of the personal banking business across the UK and Europe and chief executive of Barclaycard Business Solutions.

Aldermore group chairman Pat Butler, who led the search for the new chief executive, says: “I am delighted that Steven has decided to join us at Aldermore. His pedigree speaks for itself and our board is confident that he will build upon Phillip’s legacy and grow our business successfully, while embracing and strengthening our culture and values.”

South African financial services group FirstRand Limited acquired Aldermore in 2018, said chief executive Alan Pullinger comments: “It is testament to the quality of the Aldermore franchise that the business has attracted a new chief executive of the calibre of Steven.

“We are confident that his track record, across multiple banking disciplines, will ensure Aldermore continues to deliver for FirstRand shareholders.”

Steven Cooper adds: “Under the leadership of Phillip Monks, Aldermore has gone from a vision to a substantial business in just a short period of time.

“The board and shareholders are committed to achieving a similar growth trajectory over the next few years, whilst maintaining the business purpose and its strong values. I am delighted to be leading this exciting new chapter in the evolution of Aldermore.”