Secure Trust Bank PLC Directorate Change (1907X)
August 08 2018 - 4:38AM
UK Regulatory
TIDMSTB
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 GBP1,839 million, customer deposits totalled GBP1,645
million and the Group's total customer base was over one
million.
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END
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