27 January 2016

TSB Banking Group announces new CFO and Board Director

TSB announces today the appointment, subject to regulatory approval, of Ralph Coates as Chief Financial Officer and Board Director of TSB Banking Group plc and TSB Bank plc.

Ralph's appointment follows the announcement by TSB's current CFO, Darren Pope, of his intention to leave the bank to take a career break. 

Darren was the original programme Director for "Project Verde" - the programme established by Lloyds Banking Group to carve-out and divest a new retail bank .

TSB's CEO, Paul Pester, says: "Darren has been instrumental in the success and achievements of TSB. From the original build of the bank, to the IPO in the summer of 2014, the sale to Sabadell in 2015 and the acquisition of the former-Northern Rock mortgage portfolio from Cerberus in November 2015.

"On a personal level Darren has also been a valued colleague, confidant and friend to me as we have gone through the twists and turns of the TSB journey. Having got to know Darren well over the past five years I completely understand his decision to take a career break - and wish him well."

On announcing his departure from TSB, Darren Pope said: "I have had a fabulous time at TSB and I'm so proud of the bank we have all built together. I believe I leave TSB in a fantastic position for the future, and look forward to watching its continued success. Thank you to everyone at TSB for your tremendous support and commitment."

On the appointment of Ralph Coates as TSB's new CFO, Paul Pester, CEO, says: "I am delighted to welcome Ralph to TSB. Ralph's experience at the Bank of England, Barclays and PWC prepares him well for the CFO role. In addition, Ralph's personal values and style means he will, I believe, fit-in fantastically well at TSB. I look forward to working with him as we continue to establish TSB as Britain's challenger bank". 

Ralph Coates says: "I am delighted to be joining TSB at such a pivotal time in its journey. The Bank's strategy, firmly underpinned by its values and customer-centricity, positions it well for profitable and sustainable growth. I look forward to working with Paul and all TSB partners to ensure we deliver on the potential that so clearly exists." 



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Notes to editors

Ralph Coates


Ralph Coates


Ralph qualified as a Chartered Accountant in South Africa, training with PricewaterhouseCoopers.

Upon arriving in the UK in 1999, and after a year at J Sainsbury plc, Ralph rejoined PricewaterhouseCoopers in London, spending four years in the Transaction Services division, focusing on M&A in the retail sector.

In 2004, Ralph joined Barclays Bank in London, and in 2005 moved to the mortgage business in the UK Retail & Business Bank. Over time, Ralph assumed finance responsibility for all retail banking product areas, distribution and operations, becoming Finance Director for the UK Retail & Business Bank in 2011.

In 2013, Ralph Coates joined the Bank of England as Finance Director, supporting the BoE's strategic transformation and the delivery of its policy agenda.