Aldermore Group says that chief executive Steven Cooper will step down from the bank to be replaced by Raj Makanjee.  

The lender says Cooper, who has led the firm since 2021, will leave to pursue a new opportunity outside the banking industry, where he built a 20-year career. 

The bank, which offers mortgages, savings, business and motor finance, says Cooper informed the board of his decision “a few months ago,” that allowed it to begin a recruitment process that led to the appointment of Makanjee (pictured).

Makanjee spent 17 years at FirstRand, Aldermore’s South African-based owner, predominantly in the First National Bank business. 

At First National Bank, he was responsible for growing its retail franchise, which services 8.6 million clients, with advances of £21bn and deposits of £18bn. He was also instrumental in building up its private bank and leading its digital strategy. 

Prior to FirstRand, Makanjee spent 17 years as a partner at professional services group Accenture, where he consulted to banking, insurance and capital markets clients in South Africa and Australia. 

Aldermore chairman Pat Butler says that with Makanjee’s “extensive experience in financial services, he is ideally positioned to help drive our ambitions forward as we embark on the next chapter of our journey”. 

Makanjee adds that he “joins Aldermore at a key moment in its evolution” and plans to “build on its momentum and broaden its reach.”   

Cooper says: “Aldermore is well placed and well set for the future.”