Wrexham-based digital bank Chetwood Financial has announced the resignation of its co-founder and CEO, Andy Mielczarek. He will be succeeded by Paul Noble, subject to regulatory approval.
Founded in 2016, Chetwood Financial was granted a full UK banking licence in December 2018. Since its inception, Chetwood has seen over £3.5bn deposited in its SmartSave savings proposition. Earlier this year, the bank expanded into the buy-to-let mortgage market by acquiring the specialist lender CHL Mortgages for Intermediaries. It plans to launch ModaMortgages in the near future.
Mr. Mielczarek, who has led Chetwood Financial from its foundation, will leave the company at the end of this month. Previously, he served as deputy head of HSBC’s UK retail bank and as commercial director and head of retail products for HSBC Europe. On his departure, he said, ‘Starting a new bank was never going to be easy, and I am proud to see the progress Chetwood has made. From opening our first office in Wrexham and getting a banking licence, to taking billions of pounds in deposits and expanding into different markets, the company has gone from strength to strength over the years. It’s a testament to the brilliant people who work here, and the unwavering focus on creating financial products that make people better off. After ten years, now’s the right time for me to hand over the reins to someone new. There are such exciting, bold plans for Chetwood over the coming months and years, and now’s a logical time for a change in leadership to inject fresh life into the business and guide it through the next stage of its journey – I’ve no doubt Paul is the right person to do just that, and I wish him and the entire organisation all the very best.’
Paul Noble, who will take over as CEO, brings over 25 years of experience in financial services. He joins from JN Bank UK, where he served as CEO. Prior to that, he spent six years at Pollen Street Capital, focusing on investments in financial services. His role there included leading the investment into Tandem Bank and co-founding 118 118 Money, an alternative lender. Noble expressed his enthusiasm for the new role, saying, ‘I am delighted to join Chetwood Financial. Andy and the team have built a brilliant digital bank here, and the opportunity to now help drive the company forward was one that I simply had to grab with both hands. There are really exciting plans in place, and I can’t wait to play my part. The emphasis will remain on delivering exceptional products and service to all our customers, but we have ambitions to enter new markets and fast-track our growth in the future.’
Ian Lonergan, group chair of Chetwood Financial, commented on the leadership transition, ‘Firstly, we must recognise what an incredible job Andy has done in building Chetwood Financial from just an idea to being a fully-fledged digital bank that delivers market-leading products. He has an inspiring level of drive, determination and vision, and he leaves the business in an extremely strong position. We’re really excited to now welcome Paul as CEO. Given his vast experience and superb leadership skills, we have every confidence that he will steer us confidently through the next chapters of our story.’
As Chetwood Financial embarks on this leadership transition, the company is poised for continued growth and innovation under the new direction of Paul Noble. The bank’s commitment to delivering exceptional financial products and services remains unwavering.