The British Business Bank has appointed Richard Bearman and Reinald de Monchy as co-chief banking officers, with a shared responsibility for all of the organisation’s banking activities for smaller businesses.
Bearman and de Monchy will jointly lead a relationship-driven banking model, although each will have specific line-management responsibilities.
Bearman will oversee a new relationship management function bringing together existing skillsets across relationship management, account management and customer services.
He has been with the British Business Bank since 2019, and was previously managing director, small business lending at the bank, which included responsibility for the start up loans programme.
Prior to joining the Bank, Bearman was the head of small business at HSBC UK and has more than 25 years’ experience in the banking sector.
de Monchy has been with the British Business Bank since 2013 and was part of the team that established the Bank.
He was previously managing director, guarantee and wholesale, with responsibility for the design and delivery of funding and capital solutions to help increase the flow of finance to smaller businesses.
Prior to joining the Business Bank programme team in 2013, de Monchy was head of SME, corporate and leveraged loan securitisation at Lloyds Bank and had 15 years’ experience securitising a variety of asset classes including SME loans and leveraged finance
In his new role, he will oversee the Bank’s product teams, which will develop products and manage transactions across the Bank’s Guarantee & Wholesale and Small Business Lending programmes.
The two functions will work closely in terms of originating new transactions and sharing market feedback.
Louis Taylor, CEO, British Business Bank said: “Richard has a wealth of experience in positions focused on serving the needs of smaller businesses, both at the British Business Bank and prior to joining the organisation.
“I am delighted he will be bringing that experience and expertise to this important new role at the Bank.”
He continued: “Reinald has a considerable track record of managing the design and implementation of programmes that bring strong benefits to smaller UK businesses.
“During his time with the Bank, he has been responsible for the introduction of a number of creative solutions to weaknesses in the market, and I look forward to working with him so our product offering can provide even more benefit to businesses and the wider UK economy.”
Bearman added: “Over my career I have developed a real passion for working with and supporting entrepreneurs.
“I am excited to be taking on this new role, which will enable us to build even stronger and more flexible relationships with our delivery partners.
“This will help them not only to navigate our offer more effectively, but also to find new opportunities to work with us to support the UK’s smaller businesses.”
de Monchy said: “The British Business Bank has a strong set of existing products and programmes serving the UK’s finance markets for smaller businesses.
“In taking on this new role, I am looking forward to working with teams across the Bank and market participants to develop our suite of products further, so that more UK smaller businesses can access the finance they need to grow and thrive.”
