19 October 2016
Secure Trust Bank PLC ("Secure Trust" or the "Company")
Sir Henry Angest Steps Down as Chairman of Secure Trust Bank PLC: Lord Forsyth becomes Chairman
Secure Trust announces that Sir Henry Angest has today stepped down as Chairman of the Company. He will remain a Non-Executive Director of the Company and Chairman of the Remuneration Committee. For 35 years he has guided the development of Secure Trust from a £9m private company (in 1985) to a listed company with a market capitalisation of over £400m today. Sir Henry is the Chairman and Group Chief Executive Officer of Arbuthnot Banking Group PLC which holds an 18.93% interest in the Company. As set out in the Company's recent prospectus, following the receipt of the required regulatory approvals, Lord Forsyth has today been appointed as Chairman of the Company and will also chair the Nomination Committee. Lord Forsyth was appointed to the Board as a non-executive director in March 2014.
The stepping down of Sir Henry as Chairman of the Company and the appointment of Lord Forsyth as his successor are connected with the beginning of a new chapter in the development of the Secure Trust Group following its admission to the main market on 12 October 2016. The Directors believe that the move to the main market will help unlock substantial potential by providing the Secure Trust Group with a more liquid market and a greater range of potential investors for its shares as well as raising its corporate profile and brand awareness.
Sir Henry commented:
"This is a time of mixed emotions as I have derived great satisfaction in overseeing the development of Secure Trust as Chairman over the last 35 years, but I believe that in the capable hands of the new Chairman, Lord Forsyth, and Paul Lynam carrying on as the very successful CEO, Secure Trust will continue to thrive."
Lord Forsyth commented:
"Sir Henry Angest's vision has allowed Secure Trust to become a significant institution. He steered Secure Trust safely through the financial crisis and has guided it as a public company on AIM and through its step up to the main market. During that time the business has grown creating jobs and opportunities in the West Midlands and elsewhere. I look forward to leading the Secure Trust Group to further success in the years ahead. "
Secure Trust Bank PLC
Paul Lynam, Chief Executive Officer
Neeraj Kapur, Chief Financial Officer
Alan Karter, Company Secretary
Tel: 020 7012 2400
Dan de Belder
Tel: 020 3772 2500
About the Company:
Secure Trust Bank is an established, well funded and capitalised UK retail bank with a 64 year trading track record. Secure Trust Bank operates principally from its head office in Solihull, West Midlands, and had 630 employees (full-time equivalent) as at 30 June 2016. The Group's diversified lending portfolio currently focuses on two sectors (i) Business Finance through its Real Estate Finance, Asset Finance and Commercial Finance divisions and (ii) Consumer Finance through its Personal Lending, Motor Finance and Retail Finance divisions.
As at 30 June 2016 the Group's loans and advances to customers totaled £1,128.3 million, customer deposits totaled £1,042.6 million and the Group's total customer base exceeded 600,000.
This information is provided by RNS