United Trust Bank (UTB) has recruited Michael Rennie, former chief operating officer (COO) of Cynergy Bank, as its COO to take over from Rob Sherr, who is retiring next year.
Rennie has more than 20 years of experience and has held several executive positions such as COO, chief digital officer and chief information officer at Cynergy Bank, where he was responsible for transformation, IT, operations, deposits and financial crime.
Rennie also worked at KPMG for six years as a management consultant, and was chief information officer at Genworth Financial.
Most recently, he managed a digital consultancy business.
Harley Kagan, chief executive of UTB, said: “Michael’s considerable experience in executive roles combined with his deep knowledge of technology and the digital landscape makes him an ideal candidate to become UTB’s next chief operational officer. As a dynamic and forward-thinking specialist bank, we are continuously improving and adapting to a constantly evolving environment, and Michael’s skills and experience will be particularly valuable as UTB begins the next leg of its exciting journey.
“Although we still have Rob Sherr on board for an extended period, I would like to take this opportunity to thank him on behalf of UTB and the board of directors for his great contribution to the continued success of the bank.”
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Rennie added: “I am really excited to be joining UTB at such a dynamic time for the industry, where technology continues to transform how we operate, and customers demand higher levels of service and personalisation.
“I was attracted to UTB’s clear vision, great culture and top talent, and I’m looking forward to working with the team to build on these strong foundations and drive innovative solutions that make banking simpler and more accessible.”
Bridging division shake-up at UTB
The specialist lender also announced changes within its bridging sales team as part of its growth plans for next year.
UTB has made Paula Purdy sales director for bridging, formerly head of sales, and she will continue to work with Sundeep Patel, director of bridging, in driving new growth and supporting the division’s operations.
Paul Delmonte, previously key account manager, has been hired into the new role of head of national accounts for bridging. He will build on the work he did in his previous role and build relationships with networks and clubs, as well as manage key distribution channels.
Former business development manager (BDM) Gary Lomax has been made a key account manager for the North, and he will continue to support brokers in the North of England and Scotland while developing the lender’s business in those areas.
UTB’s internal sales team will now be internal relationship managers to reflect their relationships with brokers nationwide. The team will still work with the field sales team to support broker partners.
Patel said: “UTB bridging has enjoyed a strong year to date, and our restructuring of the division’s sales function by merging the internal and field sales teams to provide further dedicated support has gone down very well with brokers.
“These latest changes to the sales team are key to the successful delivery of our growth plans next year and signal even greater levels of broker support across all regions. I’m delighted Paula, Paul and Gary have taken on their new roles and I’m excited about the bank’s plans for 2025 and beyond in making UTB the home of bridging.”
Earlier this month, the lender reduced rates across its bridging range.
