UK savings and loan start-up StreamBank has announced that its chief executive Steve Pateman is leaving the company at the end of 2023. He has already officially stepped down from the board of StreamBank plc, effective 11 December.
Steve Pateman will be replaced as CEO on an interim basis by StreamBank CFO Jean-Pierre Flais as the board begins its search for a permanent replacement.
Steve Pateman has been Managing Director of StreamBank since its inception in 2021. From 2008-2015 Steve was Managing Director and Head of UK Banking at Santander UK, with responsibility for building Santander’s SME franchise in the UK market, managing Corporate, Commercial, Business and Retail Banking Operations as well as Wealth Management.
StreamBank was founded and is controlled by Alex Pusco, controlling shareholder and managing director of FCA regulated retail FX and CFDs broker ActivTrades. StreamBank has evolved from the short-term lending business of ActivTrades Plc, with the company receiving restricted UK approval in June 2022 and full regulatory approval in February 2023.
FNG had exclusively reported in June that ActivTrades’ equity had fallen to £57.0m (2021: £70.7m) following dividends paid in 2022 of £30.0m (2021: 1, £5m). The reason for the large amount of dividends was due to Alex Pusco moving funds from ActivTrades to StreamBank. StreamBank was originally called ActivTrades Loans PLC, but as noted above, apparently a decision was made last year to launch the business separately in terms of branding from the ActivTrades CFD / spreadbetting operation.
Regulatory filings show that StreamBank received capital inflows of £30.95m in June 2022 and a further £5m in December 2022, with the majority of these funds transferred substantially from ActivTrades.
StreamBank is positioned as a UK specialist lending and savings bank focused on specialist property finance and savings.