Former BoE Director Hired By Digital Bank Oaknorth

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Oaknorth, a challenger bank, has hired Martin Stewart, a former Bank of England director, to join the advisory board of the company.

He will be working with the fintech as an independent adviser. Previously, Stewart served as the director of banks, building societies and credit unions at the Bank of England. Oaknorth said that it is hoping that by bringing Stewart on board, the bank can better serve the small and medium-sized businesses of the United Kingdom as it continues to grow.

Rishi Khosla, the co-founder and chief executive of Oaknorth stated: “Our loans have already had a very significant impact on the UK economy, but Martin’s experience will help ensure we can continue building on this positive impact and supporting the SME community, despite potentially challenging economic conditions in the future.”

He added: “He has an extensive track record in both business and regulation, and over the last decade, has played a central role in not only opening up competition in the UK banking sector which has ultimately benefited consumers and SMEs across the country, but also dramatically improving corporate governance and regulatory best practice.”

Recently, Oaknorth moved into new offices in London’s Soho with a capacity for up to 300 employees, in addition to closing its largest loan to date that amounted to £42 million earlier this month.

Since the end of the previous year, the size of the firm has grown by 30 percent. It has plans to take on even more staff in 2018.