TSB has announced the appointment, subject to regulatory approval, of Richard Davies as commercial banking director, a newly created role within TSB’s executive team to spearhead the Bank’s ramp up in business banking.

He will join TSB at the end of 2017.

Paul Pester, TSB’s CEO, said: “Nearly four years since launch, TSB has cemented its position as Britain’s challenger bank. We now have over five million customers and are Britain’s most recommended high street bank.

“There’s still plenty to do as we continue on our mission to bring more competition to UK banking and break the stranglehold that the big five banks have had on the market for far too long. We’re setting out to strengthen our support for local businesses that form the lifeblood of the UK economy – and bring much-needed competition to the business banking market from 2018. I’m delighted to welcome Richard to TSB as our new commercial banking director to make that happen.

“The combination of Richard’s entrepreneurial flair seen at OakNorth Bank, combined with his experience in leading commercial banking arms at HSBC and Barclays means he will be a real catalyst to develop TSB’s ambitions in this area. The executive team and I look forward to working with Richard as we bring our ‘local banking’ approach to life for more local businesses right across the UK.”

Davies added: “I cannot wait to join TSB as it prepares to launch the future of local banking for businesses in 2018.  I’m looking forward to getting stuck in and see us take on the business banking market in the same way that TSB has already challenged consumer banking.

“The bank’s strategy and new technology platform, underpinned by its values and customer-centric approach, positions it really well to help customers with their business banking needs. I look forward to working with Paul and all TSB partners to deliver on that potential.”