Ex-RBS boss Mathewson steps down at challenger bank Shawbrook

Sir George Mathewson, the former Royal Bank of Scotland chief executive and chairman, has stepped down as both chairman and director of the challenger bank Shawbrook.

He is to be replaced by Iain Cornish the former boss of Yorkshire Building Society, the now sister bank of Glasgow-based Clydesdale.

Robin Ashton, independent non-executive director and senior independent director at Shawbrook, said the company was delighted Mr Cornish was joining its board as chairman as he brought with him a “wealth of experience and industry knowledge”.

“We look forward to his contribution as Shawbrook continues its journey as a public company,” Mr Ashton said.

He added: “We would also like to publicly acknowledge Sir George’s contribution to the founding and growth of Shawbrook over the past four years.”

Mathewson, who left RBS in 2006, sold shares in Shawbrook worth nearly £900,000 as part of the bank’s initial public offering back in April.

His remaining stake in the niche business lender of around 928,000 shares is worth in the region of £3.5 million at current prices.