Bill Dudgeon, managing director, and directors Mark Bergin, David Parry and Paul Graham all announced they are to leave TMB at the end of this month, with senior HBOS executive Nigel Payne taking over full responsibility for TMB as managing director.
The use of internal staff to oversee TMB has fuelled rumours that HBOS is looking to phase out the brand and combine it with another of its subsidiaries.
Dudgeon and his team will be joining Deutsche Bank at the beginning of next year where, Dudgeon told Mortgage Introducer, they will be heading a ‘new venture’. Rumours have been circulating for months that Deutsche is gearing up to launch mortgage products in the UK.
Dudgeon said: “We’re not leaving due to any grievances with TMB. We resigned at the beginning of this month and have been working with HBOS to help make sure things continue to run smoothly. It will be business as usual for TMB. We will be part of a new venture at Deutsche.”
MI has also been informed that packager and branded lender Exclusive Connections will be part of the new venture, distributing the products.
Craig Easeman, head of sales and marketing at Exclusive Connections, said: “It’s understandable that Exclusive Connections would be associated with someone like Deutsche Bank due to the size of our distribution and reput-ation; however we cannot confirm or deny these rumours.”
A spokesperson at Deutsche Bank said he was unaware of any plans to launch a UK mortgage operation.
Although Nigel Payne said he will be taking TMB into a ‘new phase of growth’, one lender spokesperson, who wished to remain unnamed, said: “We’ve heard TMB is struggling and may go under.
“Even if you bring in a new managing director that’s not a clear-cut sign that the business will continue. You still need to get in a managing director while you’re phasing things out.”
