Secure Trust Bank (STB) has overhauled its motor finance leadership team as the bank looks to move business towards lower-risk segments.
Ciara Raison has been appointed as head of dealer sales, responsible for direct-to-market business. She joined from Close Brothers Motor Finance, where she headed sales in the north of England.
Howard Pailey has been acting in the newly-created role of product director, guiding development of products and managing their delivery and lifecycle. He previously worked at Ricoh Leasing, and has also worked within Ford Credit for ten years.
Nikki Tyler has been promoted from head of change to operations director, overseeing day-to-day efficiency in underwriting, pay-outs, servicing and asset lifecycle. She will also oversee the IT development of the bank.
Tim Maffey has become finance director, the first to cover the position within STB’s motor finance division. He joined in from GE Capital, where he was most recently risk operations leader.
Tyler and Maffey both started in their positions in January.
The bank added motor finance commercial director Stewart Cox was to leave the group at the end of the month.
The overhaul is part of STB’s effort to shift motor finance business, headed by managing director David Mercer, towards lower-risk lending.
The bank has already moved in this direction across the wider portfolio, dropping unsecured personal loans and restricting higher-risk real estate financing.
2017 and Q1 2018 brought growth in motor finance revenues to the bank, next to substantially higher impairments.
In March, chief executive Paul Lyman said: “Given the ongoing regulatory focus in the unsecured personal loan and high cost credit markets, I feel our retrenchment from these markets was well timed even if the repositioning has created a drag on profit growth.”
He added the bank shared the Bank of England’s concern around “a mispricing of risk, and has reacted accordingly by exiting markets most affected”.
The bank intends to launch a prime product offering in the near future, and build a “sizeable” presence over the next five years.