Afin Bank has promoted Tippie Malgwi to head of high net worth and diaspora banking, reflecting the growing importance of both areas to the specialist lender.
Malgwi (pictured) will lead the bank’s newly re-branded Afin High Net Worth proposition, while continuing to oversee its diaspora mortgage offering.
He joined Afin Bank last year and has been instrumental in developing the high net worth proposition aimed at borrowers described as asset rich but income light.
Previously known as Afin Premier, the Afin High Net Worth mortgage allows borrowers to include a wider range of assets when assessing affordability. These can include pensions, investments, shares, real estate holdings, as well as fine art and classic cars, offering an alternative to more traditional income-based assessments used by mainstream lenders.
Alongside this, Malgwi will retain responsibility for the bank’s diaspora proposition, which is designed for foreign nationals living and working in the UK who can struggle to secure a mortgage because of visa length or a lack of UK credit history. Supporting diaspora borrowers has long been a core part of the bank’s focus on underserved customer groups.
Malgwi said: “The response to the Afin High Net Worth mortgage has been incredible because it gives borrowers more scope in assessing their affordability, which usually isn’t possible via mainstream lenders.
“It is also more accessible because we work with brokers and wealth advisers, so it is not just the preserve of private banks.
“I am also delighted to continue to help to drive the awareness of our mortgages for diaspora communities. These are people, such as health workers and other professionals, that are crucial to our society and should be given the chance to buy their own homes.”
Jason Oakley, chief executive at Afin Bank, added: “The contribution Tippie has made to Afin Bank in such a short time, particularly in helping us build our diaspora and high net worth propositions, has been exceptional, so I am delighted that he is taking on this new role.
“He brings a unique combination of mortgage knowledge and understanding of customer needs, which means he can have a very technical conversation with advisers about their high net worth clients, just as easily as he can talk directly about the importance of home ownership with people in diaspora communities.”
Afin Bank focuses on borrowers who may struggle to access mortgages through mainstream channels because of their circumstances, including high net worth clients, overseas nationals working in the UK on valid visas, the self-employed and qualified professionals.
