RateSetter has landed another executive from the traditional banking sector.
Cyrille Sallé de Chou is joining the RateSetter platform from Lloyds Banking Group, where he currently serves as Credit Risk Director, Mortgages, overseeing one of the biggest loan books in the UK. He began his career at Capital One, and was Chief Credit Officer for Europe up until 2007, responsible for both card and personal loan credit. Cyrille joined Lloyds in 2007, where he has also held the position of Risk Director roles for Cards and Current Accounts, which involved oversight of more than 20 million customers, encompassing both consumer and business credit.
Such experience will of course be useful in his new position at RateSetter, which is engaged in a good deal of small business and real estate lending on top of its bread-and-butter brand of consumer loans. As of November last year, 40% of RateSetter’s outstanding loan book was comprised of commercial loans to either businesses or property developers. As it stands today, AltFi Data Analytics reveals that 28% of the platform's outstanding loan book is made up of commercial loans.
Starting in June, Cyrille Sallé de Chou will be responsible for all RateSetter credit – consumer, commercial and property-based. He will also oversee operational, conduct and regulatory risk. Sallé de Chou offered comment:
“This is a unique opportunity to join one of the UK’s leading marketplace lending platforms at a critical point in its growth and help the business become a significant mainstream financial services company. I am particularly impressed by the clarity of RateSetter’s business model, which is based on truly unique and innovative customer propositions, setting standards that others have followed, such as the pioneering concept of the Provision Fund."
Sallé de Chou is the latest in a number of bankers to have taken up residence at RateSetter in executive positions. The platform appointed a pair of ex-HSBC heavyweights in March – Jim Gunner as a Non-Executive Director and Nigel Wilkinson as Head of Commercial Credit. RateSetter CEO Rhydian Lewis weighed in on the latest signing:
“We are building a strong business based on managing risk. Cyrille is highly capable, highly experienced and highly regarded. He will be a real asset to our business as we continue to deliver value for our customers while carefully managing risk. I am delighted that Cyrille is joining RateSetter, and I look forward to welcoming him to our Executive Team.”