Asset management heavyweight Paul Manduca has stepped down as non-executive chair of RateSetter following its acquisition by Metro Bank.
Manduca (pictured) joined the peer-to-peer lender’s board as a director on 1 June 2017 and replaced outgoing chair Alan Hughes later that month.
The appointment of the City veteran, who has served as chairman of insurance giant Prudential and founded Threadneedle Asset Management, was initially seen as a sign of RateSetter’s plans for an initial public offering (IPO).
But those plans have slipped away now that Metro Bank has officially acquired the P2P lender.
Companies House documents show Manduca’s role as a director at RateSetter was terminated yesterday (14 September).
Non-executive chairs typically serve three years and a spokesperson for RateSetter confirmed Manduca’s departure as part of the Metro Bank acquisition which will see a shake-up of its board.
Metro Bank will also have representatives on the RateSetter board and Martyn Scrivens, who became a non-executive director at the P2P lender last year, is set to be named non-executive chair.
Scrivens has more than four decades of experience in audit and risk management. He spent five years as global head of internal audit at Credit Suisse Group, and prior to that he was group audit director at Lloyds Banking Group.