SME lender Allica Bank has appointed Matthew Oakes as head of prudential risk.

Oakes (pictured) will have oversight of Allica’s prudential regulatory obligations and will work to pre-empt any potential changes that emerge as the regulatory landscape evolves.

He will also monitor developments within the banking sector to ensure Allica Bank can rapidly respond to new challenges that arise, while making sure that its capital and liquidity are deployed judiciously.

During his career, Oakes has worked for a number of large banks, including HSBC and Standard Chartered. His most recent post was as chief finance officer of Union Bank UK Plc, where he oversaw financial and regulatory reporting functions.

He said: “I am delighted to be working for a bank that is dedicated to helping small and medium-sized businesses to thrive. Small businesses are the lifeblood of the UK economy and, especially at a trying time like this, it’s crucial they get the support they need.

“Bringing my experience to help build a new bank, which has such a clear and distinct mission, is an exciting prospect for me. Allica Bank is breaking new ground and developing an unrivalled digital capability for brokers and small businesses that is built on modern technology and human relationships. It’s incredibly rewarding to be part of developing this proposition.”

Mark Stephens, CEO of Allica Bank, added: “Matthew’s considerable experience, expert counsel and strong management will ensure that Allica Bank continues to expand in a rigorous and prudential manner.

“His addition to the team will bolster our growth efforts, meaning even more small and medium-sized businesses across the UK can benefit from our collaborative and innovative financial products, and local expertise.”