Richard Davies (pictured above) is set to join TSB at the end of 2017 – subject to regulatory approval – from HSBC, where one of his roles included chief operating officer for its UK commercial bank.

At TSB, Richard will spearhead the bank's ramp up in business banking.

Prior to joining HSBC, Richard was the CEO of challenger bank OakNorth, where he led the process to design the business model, develop regulatory licence submissions and recruit the team to enter the UK banking market.

Richard said he 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.'

Next year will see TSB focus more on helping more local businesses thrive in 2018 after bringing more competition to consumer banking customers.

Paul Pester, CEO of TSB, said that there was still plenty to do as it continued its mission to bring more competition to UK banking and break the stranglehold of the big five banks.

“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.'