Rhydian Lewis leaves Metro Bank
RateSetter founder Rhydian Lewis is leaving Metro Bank, “to seek a new challenge and leadership opportunity”.
Lewis joined Metro Bank in September 2020, when the challenger lender acquired RateSetter. He held the position of managing director of consumer finance and was on the executive committee. He will be replaced by Metro Bank veteran Richard Saulet, subject to regulatory approval.
“We can confirm that Rhydian Lewis is leaving Metro Bank to seek a new challenge and leadership opportunity,” a Metro Bank spokesperson told Peer2Peer Finance News via email.
“Rhydian and the RateSetter acquisition have been instrumental in helping to deliver the bank’s turnaround plan and change agenda since he joined us. We wish him all the best.”
Metro Bank acquired RateSetter in September 2020, after the pandemic triggered a liquidity crisis at the peer-to-peer lending platform. Metro Bank paid an initial consideration of £2.5m and a further £9.5m after completion of the deal.
In February 2021, Metro Bank acquired RateSetter’s loan book for a cash consideration of £384m.
Metro Bank’s consumer lending division has boomed thanks to the RateSetter deal. Last year, the challenger bank announced that its consumer lending business had exceeded £1bn for the first time – driven largely by the performance of the RateSetter brand.
In 2020, consumer lending represented just two per cent of Metro Bank’s loan book, but during the first half of 2022, it claimed a 10 per cent share.
In an exclusive interview with Peer2Peer Finance News last autumn, Lewis called the Metro Bank acquisition a “landmark transaction” and heralded the aligned cultural values of both businesses.
“I feel very proud of having integrated with the bank,” he said at the time. “I think the growth that RateSetter has managed to generate under Metro’s ownership has been certainly in line, if not exceeding expectations.
“It’s been a great success.”
Read more: RateSetter acquisition “conceived in extraordinary times”
Lewis’ successor, Saulet, has been with Metro Bank for over 10 years and held a variety of roles, most recently as director of strategy and corporate development. He has 20 years of experience in banking and has held roles at Virgin Money, RBS and Barclays.
As managing director of consumer finance, Saulet will be responsible for leading and developing the bank’s unsecured lending products, including its personal loan proposition under the RateSetter brand, Metro Bank said.
Saulet will report into Metro Bank chief executive Dan Frumkin and will sit on the Executive Committee.
“I’m really excited to continue my career at Metro Bank in my new role,” said Saulet.
“We have an excellent team who work hard to deliver great results and innovative products for our customers. I hope to continue this throughout 2023 and beyond as Metro Bank continues its journey to becoming the UK’s best community bank.”