Aldermore appoints Colin Snowdon to set up mortgage arm
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British bank Aldermore has appointed Colin Snowdon, ex- chief executive of Merrill Lynch’s Wave, to look at potentially launching an intermediary residential mortgage lender in the UK.
He has been joined by ex-colleague Richard Spinks, and the bank says any new venture is likely to be focussed on the intermediary sector.
Snowdon was also responsible for the launch and development of specialist prime lenders The Mortgage Business, for Bank of Scotland and Verso, for Britannia Building Society.
Phillip Monks, chief executive of Aldermore, says: “Strategically, the UK residential mortgage market represents an important opportunity for Aldermore and I’m absolutely delighted that two leading mortgage experts such as Colin and Richard have agreed to investigate this sector on our behalf.
“They not only have a wealth of knowledge gained from working in the intermediary sector, but also have a proven track-record and many years experience of running successful mortgage lending businesses.”
Snowdon says the retail funded bank is well positioned to develop a residential lending proposition. However, there is a lot of ground-work to be done before it is ready to make any further announcements.
Aldermore currently offers commercial mortgages, asset finance and savings products.
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