Alex Pusco’s StreamBank sees departure of CEO Steve Pateman
Newly launched UK lending and savings bank StreamBank has announced that its CEO Steve Pateman is leaving the company as at the end of 2023. He has already formally stepped off the board of directors of StreamBank plc, effective December 11.
Steve Pateman will be replaced as CEO on an interim basis by StreamBank CFO Jean-Pierre Flais, as the board begins its search for a permanent replacement.
Steve Pateman served as CEO of StreamBank since its founding in 2021. From 2008-2015 Steve served as Executive Director and Head of UK Banking at Santander UK, with responsibility for building Santander’s SME franchise in the UK market, running the bank’s Corporate, Commercial, Business and Retail Banking operations as well as Wealth Management.
StreamBank was established and is controlled by Alex Pusco, controlling shareholder and CEO of FCA regulated Retail FX and CFDs broker ActivTrades. StreamBank evolved from the bridging loans business that sat within ActivTrades Plc, with the company receiving UK regulatory approval with restrictions in June 2022 and full regulatory approval in February 2023.
FNG had exclusively reported in June that ActivTrades’ shareholder funds fell to £57.0m (2021: £70.7m) following dividends paid out during 2022 of £30.0m (2021: £1.5m). The reason for the large amount of dividends was due to a move of capital by Alex Pusco from ActivTrades to StreamBank. StreamBank was originally named ActivTrades Loans PLC, but as noted above a decision was apparently made last year to launch the business separately brand-wise from the ActivTrades CFDs / spreadbetting operation.
Regulatory filings indicate that StreamBank received capital injections of £30.95 million in June 2022, and a further £5 million in December 2022, with the majority of those funds effectively transferred from ActivTrades.
StreamBank is positioning itself as a specialist UK lending and savings bank focused on specialist property finance and savings.