Board Change

RNS Number : 6758S

Arbuthnot Banking Group PLC

24 November 2011

 



                                                                                                              For Immediate Release

PRESS RELEASE                                                                                        24 November 2011

 ARBUTHNOT BANKING GROUP PLC

BOARD CHANGE

The Board of Arbuthnot Banking Group PLC ("ABG") announces that Dean Proctor, Chief Executive Officer of Arbuthnot Latham & Co. Limited, has given notice that he will resign this position and from the Board of ABG to take up a position of Executive General Manager at Commercialbank of Qatar.  The Board has already agreed terms with his successor who will be appointed as soon as regulatory approval has been obtained.  It is expected that Dean Proctor will leave the Board in the first quarter of 2012 when his successor will join.

Dean Proctor has been with the Group for 3 years and during this time has made a substantial contribution to the Group by accelerating the development of Arbuthnot Latham & Co. Limited which has grown significantly while he has been Chief Executive, both in volume and profitability.

Henry Angest, Chairman & Chief Executive of ABG said:

"Dean Proctor made an outstanding contribution to the Group throughout his time at Arbuthnot Latham.  The progress of our private banking business over the last three years has been excellent.  Dean Proctor's management skills are exceptional and I am sorry to see him leave.  In the last few years I have commented on my concern that the pre-eminence of the City of London and the UK's financial services business will be damaged unless steps are taken to ensure that the business environment in which it operates remains competitive.  Dean Proctor leaving to pursue his career elsewhere in the world is to me a further example of the danger of not maintaining a strong enterprise culture in the UK."

Enquiries:

Arbuthnot Banking Group PLC                                                        Tel:     [phone]

Henry Angest, Chairman and Chief Executive

Andrew Salmon, Chief Operating Officer

James Cobb, Group Finance Director

David Marshall, Director of Communications

Hawkpoint Partners Limited (Nominated Adviser)                         Tel:     [phone]

Lawrence Guthrie

Numis Securities Limited                                                                  Tel:     [phone]

Christopher Wilkinson

Mark Lander

Pelham Bell Pottinger                                                                        Tel:     [phone]

Ben Woodford

Dan de Belder

 

END

 

 

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