The bank has been looking for a successor to Phillip Monks OBE, who founded the bank back in 2009, and who earlier this year announced his intention to retire in 2021.

Cooper’s appointment will take effect from May 2021 subject to regulatory approval. He is currently the chief executive officer of C.Hoare & Co, and boasts more than three decades of international banking experience.

He was previously chief executive officer of Barclays’ personal banking business across the UK and Europe, as well as chief executive officer of Barclaycard Business Solutions.

Pat Butler, chairman of Aldermore Group, said that Cooper’s pedigree speaks for itself and the board is confident he will build upon the business’s existing culture and values.

He continued: “With Steven’s leadership we will continue to champion those values, to pursue our purpose of backing people to fulfil life’s hopes and dreams, and to support our customers, colleagues and communities in these difficult times. We look forward to welcoming Steven to Aldermore and having a smooth handover from Phillip in the first half of 2021.”

Cooper noted that under Monks’ leadership Aldermore had grown from a vision into a substantial business within a short period of time.

He added: “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.”