Alex Pusco’s StreamBank sees departure of CEO Steve Pateman

Newly launched UK lending and financial savings financial institution StreamBank has introduced that its CEO Steve Pateman is leaving the corporate as on the finish of 2023. He has already formally stepped off the board of administrators of StreamBank plc, efficient December 11.

Steve Pateman will likely be changed as CEO on an interim foundation by StreamBank CFO Jean-Pierre Flais, because the board begins its seek for a everlasting substitute.

Steve Pateman served as CEO of StreamBank since its founding in 2021. From 2008-2015 Steve served as Government Director and Head of UK Banking at Santander UK, with duty for constructing Santander’s SME franchise within the UK market, working the financial institution’s Company, Industrial, Enterprise and Retail Banking operations in addition to Wealth Administration.

StreamBank was established and is managed by Alex Pusco, controlling shareholder and CEO of FCA regulated Retail FX and CFDs dealer ActivTrades. StreamBank developed from the bridging loans enterprise that sat inside ActivTrades Plc, with the corporate receiving UK regulatory approval with restrictions in June 2022 and full regulatory approval in February 2023.

FNG had completely reported in June that ActivTrades’ shareholder funds fell to £57.0m (2021: £70.7m) following dividends paid out throughout 2022 of £30.0m (2021: £1.5m). The explanation for the big quantity of dividends was attributable to a transfer of capital by Alex Pusco from ActivTrades to StreamBank. StreamBank was initially named ActivTrades Loans PLC, however as famous above a call was apparently made final 12 months to launch the enterprise individually brand-wise from the ActivTrades CFDs / spreadbetting operation.

Regulatory filings point out that StreamBank obtained capital injections of £30.95 million in June 2022, and an additional £5 million in December 2022, with nearly all of these funds successfully transferred from ActivTrades.

StreamBank is positioning itself as a specialist UK lending and financial savings financial institution centered on specialist property finance and financial savings.