Jonathan Thompson will assume the role of acting CEO to lead the business over the next critical phase, bringing with him extensive start-up and SME banking experience.

Dominic Wade also joins the firm as chief financial officer. He joins from Unity Trust Bank, where he held the same role.

Mr Ashley said: “I have enjoyed every moment of leading Alba from the early days but now is the right time to step aside.

“I will be following Alba’s progress over the coming months and wish the team every success.”

Robert Sharpe, Alba’s Chair, said: “Rod has been a part of the Alba story for 6 years but has decided now is the right time to move onto other interests. He leaves with our thanks and best wishes.”

Mr Thompson said: “I am delighted to take the reins at Alba and lead the bank through this next critical phase. It is great to have someone of Dom’s calibre alongside me as we take the business forward.”