Wrexham digital bank CEO stepping down after almost 10 years

The chief executive of a digital bank in Wrexham is stepping down after almost 10 years in the role.

Andy Mielczarek co-founded Chetwood Financial in 2016. He will be replaced by Paul Noble, subject to regulatory approval.

The Wrexham-based digital bank received a restricted banking licence in late 2017 before being granted a full UK banking licence in December 2018.

Since 2019, more than £3.5 billion has been deposited with Chetwood Financial’s savings proposition SmartSave.

Earlier in 2024, the company also entered the buy-to-let mortgage market with the acquisition of the specialist lender CHL Mortgages for Intermediaries from Barossa Asset Purchaser Sarl in May and will launch ModaMortgages in the near future.

Mielczarek has been Chetwood Financial’s CEO since its inception. Before this he was the deputy head of HSBC’s UK Retail Bank, having previously been Commercial Director and Head of Retail Products for HSBC Europe.

Prior to that he held roles including CFO at M&S Bank, Head of Commercial Finance at MBNA, and Brokerage Operations Director at Charles Schwab.

Mielczarek will leave the company at the end of this month. He is taking some time out before deciding on his next move.

Paul Noble will join Chetwood Financial from JN Bank UK, where he was CEO of the banking outfit whose products and services include savings accounts, loans and mortgages.

Paul Noble

Noble has over 25 years’ experience in financial services, spanning startups and large banks. Before JN Bank, Noble spent six years at Pollen Street Capital, an asset manager focussed on financial services. There he led the investment into Tandem Bank which was complemented with additional business acquisitions.

Noble previously co-founded 118 118 Money to provide an alternative for customers unable to borrow from their bank.

Mielczarek said: “What a journey it’s been. Starting a new bank was never going to be easy, and I am proud to see the progress Chetwood has made. From opening our first office in Wrexham and getting a banking licence, to taking billions of pounds in deposits and expanding into different markets, the company has gone from strength to strength over the years.

“It’s a testament to the brilliant people who work here, and the unwavering focus on creating financial products that make people better off.

“After ten years, now’s the right time for me to hand over the reins to someone new.

“There are such exciting, bold plans for Chetwood over the coming months and years, and now’s a logical time for a change in leadership to inject fresh life into the business and guide it through the next stage of its journey – I’ve no doubt Paul is the right person to do just that, and I wish him and the entire organisation all the very best.”

Ian Lonergan, Group Chair of Chetwood Financial, added: “Firstly, we must recognise what an incredible job Andy has done in building Chetwood Financial from just an idea to being a fully-fledged digital bank that delivers market-leading products.

“He has an inspiring level of drive, determination and vision, and he leaves the business in an extremely strong position.

“We’re really excited to now welcome Paul as CEO – given his vast experience and superb leadership skills, we have every confidence that he will steer us confidently through the next chapters of our story.”

Noble commented: “I am delighted to join Chetwood Financial. Andy and the team have built a brilliant digital bank here, and the opportunity to now help drive the company forward was one that I simply had to grab with both hands.

“There are really exciting plans in place, and I can’t wait to play my part. The emphasis will remain on delivering exceptional products and service to all our customers, but we have ambitions to enter new markets and fast-track our growth in the future.”