Ashman Bank appoints Matt Cowan as Chief Financial Officer
Ashman, the new entrant bank, has appointed Matt Cowan as Chief Financial Officer (CFO).
The bank, which has raised over £17.5 million in funding to date, has plans to scale-up over the coming years as it rolls-out its proposition for SMEs (small and medium sized enterprises) in the commercial real estate sector, once full regulatory approval is received. In his role at Ashman, Cowan will oversee the financial performance and sustainability of the bank as it moves from new entrant to scale-up. The business is currently advanced in discussions with investors and aims to complete a significant funding round by the end of 2022, a process Cowan is leading.
Cowan, who also joins Ashman’s Board of Directors, will also have responsibility for the bank’s response to climate change, part of Ashman’s desire to support the property development sector reduce the carbon output of developments.
Cowan joins Ashman from DNA Group, having been Group CFO and part of the executive team helping develop the new payments provider. Matt has also been the CFO of other start-up challenger banks, as well as Interim CFO of the LME (London Metals Exchange). Prior to these CFO roles, Matt had wide-ranging experience across some of the UK’s largest financial institutions including RBS, HSBC and Deutsche Bank.
He is a Fellow of the Institute of Directors and the Chartered Institute of Management Accountants, as well as a member of the Association of Corporate Treasurers.
James Leech, Chief Executive Officer of Ashman Bank, said: “Matt is someone who has ‘been there, done that’ in banking and this depth of experience will be invaluable to Ashman as we embark on our journey from start-up to scale-up. To deliver on our mission to do banking differently for SMEs in the commercial real estate sector, we need a senior team made up of people who bring far reaching insight and experience that will enable us to design something truly different. Matt undoubtedly fits that bill and I am excited to have him on board as CFO.”
Commenting on his appointment, Matt Cowan said: “It is time for a new entrant bank to truly make its mark in this segment of the market, which remains underserved by established banks and specialist lenders alike. I have been incredibly impressed by what has been built at Ashman to date and look forward to guiding the bank through its full regulatory approval and into scale-up phase over the coming years.”
Headquartered in Birmingham, Ashman is initially focused on lending to SMEs in the commercial real estate sector, while providing savers with competitive rates. Ashman will lend on deals from £100k to £5 million and plans to transform the banking experience for property SMEs, a £90bn market opportunity [1] .
The bank was awarded its UK banking licence (Authorised with Restriction or ‘AWR’) in June, the firstbanking licence awarded this year, which means it has been authorised and regulated to trade with restrictions by the Financial Conduct Authority and Prudential Regulation Authority. The Bank is moving towards its launch as quickly as possible, subject to a regulatory timeline and approval.
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[1] Source: CASS 2018 business survey