Checkmate changes its name to Portillion

Checkmate Mortgages has rebran-ded as Portillion and appointed Philip Dearing, former chief executive officer of Market Harborough, as its savings director.

Dearing’s appointment suggests the lender will look to retail deposits for its funding when it launches. Portillion has yet to reveal when it plans to launch or if it has obtained its banking licence from the Financial Services Authority.

Dearing also works as a non-executive director at Mutual One and Bailey Computer Services – a subsidiary of Skipton Building Society. It is un-clear whether he will remain in these posts once the lender starts trading.

Dearing’s appointment is just one of several. Ronnie Baird, previously a director at the FSA, will be a senior non-executive director and chairman of Portillion’s audit committee.

David Hill, previously chief financial officer and chief executive officer at Stroud & Swindon Building Society, has been appointed chief financial officer and David Kindred, previously head of decision sciences at Lloyds Banking Group, is to be-come chief risk officer.

Stephen Knight, chairman of Checkmate, will be CEO.

The name change is a result of the lender carrying out research in 2009 into the business-to-business and business-to-consumer sectors.

Derived from the French word portillon, meaning the security gate in front of a castle, the new name passed tests of positive association and recall.