OneSavings Bank PLC Board Changes (6568M)
31 Juli 2017 - 6:50PM
UK Regulatory
TIDMOSB
RNS Number : 6568M
OneSavings Bank PLC
31 July 2017
LEI: 213800WTQKOQI8ELD692
OneSavings Bank plc
(the 'Company')
Board Changes
OneSavings Bank ("OSB") announces appointment of David Weymouth
as Non-Executive Chairman
OneSavings Bank today announces the appointment of David
Weymouth as Chairman, with effect from 1 September 2017. David
replaces Mike Fairey who, as previously stated, retired as Chairman
of the Board on 10 May 2017. David will also Chair the Nomination
and Governance Committee.
Rod Duke, who has acted as interim Non-Executive Chairman will
resume his previous role as Senior Independent Director from 1
September 2017.
David has nearly 40 years' experience in financial services.
This includes roles as Chief Information Officer at Barclays Bank
plc and Chief Risk Officer at RSA Insurance Group plc where he sat
on both companies' executive committees. His experience as an
executive includes a wide range of senior roles in operations,
technology, risk and leadership. David is Chairman of Mizuho
International Plc and his current Non-Executive Directorships
include Fidelity International Holdings (UK) Limited and The Royal
London Mutual Insurance Society. He will be stepping down from the
Board of Bank of Ireland (UK) plc.
Incoming Chairman, David Weymouth said, "OneSavings Bank is an
excellent company that has established itself as a leading player
in its chosen markets. I look forward to joining the Board and
working with the Company as it continues to build on the
significant and exciting opportunities that lie ahead".
Rod Duke, Interim Chairman said, "We are delighted that David
will be joining the board and I, along with the rest of the Board
and the executive team, look forward to working with him as
OneSavings Bank continues to build on its strong position in its
chosen markets"
For and on behalf of
OneSavings Bank plc
Jason Elphick
Group General Counsel and Company Secretary
Media enquiries:
OneSavings Bank plc
Alastair Pate t: 01634 838 973
Brunswick Group
Robin Wrench / Simone Selzer t: 020 7404 5959
This announcement contains inside information
Supplementary information:
There are no matters relating to the appointment of David
Weymouth that need to be disclosed pursuant to Listing Rule
9.6.13(2) to (6) of the Listing Rules of the Financial Conduct
Authority.
The Directors have determined that upon the appointment David
Weymouth will be independent. He will be stepping down from the
Board of Bank of Ireland (UK) plc. In making their determination,
the Directors concluded that there are no other relationships or
circumstances which are likely to affect his judgment and that any
relationships or circumstances which could appear to do so are not
considered to be material.
The appointment is for an initial term of three years and
subject to a three months' notice period on either side. The
anticipated time commitment is five days per month, although this
may be greater to begin with and at times of heightened corporate
activity. The appointment will be subject to David's election and
subsequent annual re-election by OneSavings Bank plc
shareholders.
About OneSavings Bank plc
OneSavings Bank plc ('OSB') began trading as a bank on 1
February 2011 and was admitted to the main market of the London
Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index
in June 2015. OSB is a specialist lending and retail savings group
authorised by the Prudential Regulation Authority, part of the Bank
of England, and regulated by the Financial Conduct Authority and
Prudential Regulation Authority.
OSB primarily targets underserved market sub-sectors that offer
high growth potential and attractive risk-adjusted returns in which
it can take a leading position and where it has established
expertise, platforms and capabilities. These include private rented
sector Buy-to-Let, commercial and semi-commercial mortgages,
residential development finance, bespoke and specialist residential
lending and secured funding lines. OSB originates organically
through specialist brokers and independent financial advisers. It
is differentiated through its use of high skilled, bespoke
underwriting and efficient operating model.
OSB is predominantly funded by retail savings originated through
the long established Kent Reliance name, which includes online and
postal channels, as well as a network of branches in the South East
of England. Diversification of funding is currently provided by
access to a securitisation programme; and the Funding for Lending
Scheme and Term Funding Scheme, which OSB joined in 2014 and 2016,
respectively.
This announcement has been issued through the Companies
Announcement Service of
The Irish Stock Exchange
This information is provided by RNS
The company news service from the London Stock Exchange
END
ISESDAFMFFWSELW
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