Chetwood Bank has launched a new wholesale banking division and appointed three senior executives to lead its expansion across structured finance, commercial real estate and risk management.
The digital challenger bank has named Alex Grove as managing director of wholesale banking, Toby Sharp as director of commercial real estate and Nirvan Sunderam as managing director of wholesale risk.
The new division will provide funding solutions to corporate, institutional and specialist lending customers, with a focus on originating, structuring and managing larger-scale lending relationships. Chetwood said the division will support its long-term growth strategy, diversify income streams and ensure efficient use of capital.
Grove will join the bank’s executive committee and take responsibility for leading the wholesale banking business as it expands its capabilities in structured finance, commercial real estate and broader investment activities. Sharp will report directly to Grove, while Sunderam will oversee the second-line risk function for wholesale activities and report to the bank’s chief risk officer.
Chetwood Bank said it has grown to a £7 billion balance sheet, funded primarily through retail deposits. The bank has a £3 billion mortgage lending portfolio and completed £1 billion of lending through active forward flow relationships during the last financial year. It has also increased its participation in structured finance markets and non-sterling assets.
The appointments bring together experience from across investment management, commercial real estate, market risk and structured finance.
Grove has previously held senior positions at Intrum, BAWAG P.S.K. and Morgan Stanley. Sharp has held senior real estate finance and securitisation roles at Hamburg Commercial Bank, BAWAG P.S.K. and Credit Suisse, while Sunderam has worked in senior structuring and risk positions at Bank of America, UBS and Pemberton Capital Advisors.
Paul Noble, chief executive of Chetwood Bank, says: “This is an important step for our Wholesale Banking division, giving us leadership capability that reflects the scale of the opportunity ahead and the standards we set for how we operate.
“Alex, Toby and Nirvan bring experience across the areas that matter most to this part of the business, from structured finance and investment management to commercial real estate and risk, and I’m confident their expertise will strengthen how we evolve and build long-term relationships with institutional partners.”
Alex Grove, managing director of wholesale banking at Chetwood Bank, said: “I am very much looking forward to working with Paul and the rest of the team.
“Chetwood Bank is an outstanding platform on which to build a leading wholesale business, and we intend to make the most of this opportunity.”
Pictured (L-R): Toby Sharp, Nirvan Sunderam and Alex Grove.
