Directorate Change

RNS Number : 1907X
Secure Trust Bank PLC
08 August 2018
 

PRESS RELEASE

Secure Trust Bank PLC

LEI: 213800CXIBLC2TMIGI76

8 August 2018

For immediate release

 

SECURE TRUST BANK PLC

Board Changes

Secure Trust Bank PLC ("STB" or the "Bank") announces the retirement as directors of STB of Sir Henry Angest and Andrew Salmon with immediate effect.

Sir Henry Angest and Andrew Salmon have been directors of the Bank since 1982 and 2003 respectively. Sir Henry Angest was chairman of the Bank between 1982 and 2016. Sir Henry Angest is Chairman and Chief Executive of Arbuthnot Banking Group ("ABG") which is a substantial shareholder in STB.  Andrew Salmon is Group Chief Operating Officer and Head of Business Development at ABG and from 11 July 2018 Chief Executive Officer at Arbuthnot Latham & Co., Limited. 

ABG has enjoyed considerable success in recent years and has aspirations to build a broad based commercial banking operation in addition to its Private Banking Business. This has the potential to represent new competition for STB. Therefore in order to remove the risk of conflicts of interest arising at some time in the future Sir Henry Angest and Andrew Salmon have decided to step down from the Board of STB with immediate effect. 

Consistent with the above rationale Paul Lynam, STB's CEO has decided to step down as a Non‑Executive Director of ABG with immediate effect.

As part of its succession planning, the Board of STB regularly reviews its composition. It had done so earlier in the year and as a result had initiated a search for additional independent Non-Executive Directors. That search is continuing. It is expected that the retirement of Sir Henry Angest and Andrew Salmon will help STB to manage the changes recently announced to the Corporate Governance Code, achieving compliance in a manner that does not compromise on agility.

Lord Forsyth, Chairman said;

"Sir Henry Angest and Andrew Salmon have contributed enormously to STB's success over many years. STB would not be in the strong position it is in today without their vision and commercial focus. I am also most grateful for their wise counsel and support. I look forward to continuing to engage with ABG as a significant shareholder in STB."

 

-ENDS-

 

Enquiries:

 

Secure Trust Bank PLC

Paul Lynam, Chief Executive Officer

Neeraj Kapur, Chief Financial Officer

Tel: 0121 693 9100

 

About the Company:

Secure Trust Bank is an established, well-funded and capitalised UK retail bank with a 66 year trading track record. Secure Trust Bank operates principally from its head office in Solihull, West Midlands, and had 767 employees (full-time equivalent) as at 31 December 2017. The Group's diversified lending portfolio currently focuses on three sectors (i) Business Finance through its Real Estate Finance, Asset Finance and Commercial Finance divisions (ii) Consumer Finance through its Motor Finance and Retail Finance divisions and (iii) Consumer Mortgages.

As at 30 June 2018 the Group's loans and advances to customers totalled £1,839 million, customer deposits totalled £1,645 million and the Group's total customer base was over one million.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
BOAUGUQWRUPRURR
UK 100

Latest directors dealings