Aldermore Bank has appointed an interim business finance managing director with overall responsibility for invoice finance, asset finance and commercial real estate.

Tim Boag will replace Carl D’Ammassa who will leave the bank on July 15. Boag’s appointment is subject to regulatory approval.

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D’Ammassa left the bank after five and a half years to become the chief executive officer of White Oak UK later this year, following the retirement of White Oak UK managing director Peter Alderson.

Boag joins from Royal Bank of Scotland where he was managing director for their corporate and commercial sector. He was previously on the management board of Lombard, RBS’s asset finance division, and he spent seven years on the board of the Business Growth Fund, a company set up to make equity investments in SMEs.

Boag, said: “I am excited to be joining Aldermore at this time. With over 10 years in business, it has demonstrated that there is a real need for a specialist bank to help fill the gap in lending to small and medium sized businesses. It has a clear track record of growth and has continued to innovate to meet the changing needs of customers.

“There is a huge opportunity to meet the financing needs of SMEs and, with the support of [parent company of Aldermore] FirstRand, the bank has a strong platform to realise this.  I look forward, with my team, to achieving our long term vision of growing market share by providing highly competitive products and services.”

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James Mack, chief financial officer at Aldermore, said: “I am delighted that Tim is joining Aldermore. His extensive industry experience means he is ideally placed to fulfil our ambitions of becoming the first choice for businesses that need funding to help them grow. Our success is underpinned by our people and I’m sure Tim will be a great asset to Aldermore and our customers.”