UK-based retail and commercial bank Metro Bank has announced the appointment of Richard Saulet as its managing director of consumer finance.

Saulet, a Metro Bank veteran who has been at the company for over a decade, will be charged with leading and developing the bank’s unsecured lending products, including its personal loan proposition under the RateSetter brand.

The executive most recently served as director of strategy and corporate development at Metro Bank, and has previously held roles at Virgin Money, RBS and Barclays.

Subject to regulatory approval, Saulet will sit on Metro’s executive committee and report into Metro Bank chief executive Dan Frumkin, who said: “Richard is a real asset for Metro Bank and I’m delighted he has agreed to lead our Consumer Finance proposition. I look forward to seeing his ambitions come to life.”

Of his new role, Saulet said: “I’m really excited to continue my career at Metro Bank in my new role. We have an excellent team who work hard to deliver great results and innovative products for our customers. I hope to continue this throughout 2023 and beyond as Metro Bank continues its journey to becoming the UK’s best community bank.”

The news comes two months after Metro Bank was handed a £10 million fine from the Financial Conduct Authority over reporting errors that wiped hundreds of millions of pounds off its share value in 2019. The bank's former chief executive officer Craig Donaldson and former finance boss David Arden were also fined £223,100 and £134,600 respectively.

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