ONE Savings Bank PLC: Appointment of two independent Non-Executive Directors

14.May 2014 at 08:00:00 CET

RNS Number : 0365H
OneSavings Bank Plc
14 May 2014

14th May 2014: For immediate release

OneSavings Bank plc strengthens Board ahead of flotation

Appointment of two independent Non-Executive Directors

Following the announcement of its intention to proceed with an Initial Public Offering on the Main Market of the London Stock Exchange, OneSavings Bank plc ("OSB"), the specialist lending and retail savings group, has further strengthened its Board with the appointment of two new independent Non-Executive Directors.

Mary McNamara and Graham Allatt, both of whom have extensive experience in the financial services industry, have joined the board of OSB with immediate effect.

Ms McNamara was formerly the CEO of the Commercial Division and Board Director of the Banking Division at Close Brothers Group PLC. She previously spent 17 years at GE Capital running a number of businesses including GE Fleet Services Europe and GE Equipment Finance.

Mr Allatt has held senior positions at Lloyds TSB, Abbey National and NatWest Group as part of a distinguished career as a senior commercial and retail banker with extensive experience in credit and risk management.

Their appointments follow the retirements from the board of Sir Callum McCarthy and David Mills, both of whom were instrumental in the development of the business at a time of rapid change and growth in profitability.

Mike Fairey, Non-Executive Chairman of OSB, said:

"These appointments will help ensure that we have the best possible corporate governance arrangements and board composition in place before we list on the LSE. We are delighted to welcome Mary and Graham to the Board. Their combined experience and deep knowledge of the financial services sector will be extremely valuable to the continued development of OSB as it begins its life as a public company."

The OSB Board now consists of ten directors, four of whom are independent, not including the Chairman, Mike Fairey, who was independent upon appointment.

The full Board is now as follows: Mike Fairey Non-Executive Chairman
Andy Golding Chief Executive Officer
April Talintyre Chief Financial Officer
Rod Duke Senior Independent Non-Executive Director
Tim Hanford Non-Executive Director
Malcolm McCaig Independent Non-Executive Director
Mary McNamara Independent Non-Executive Director
Graham Allatt Independent Non-Executive Director
Dr. David Morgan Non-Executive Director
Stephan Wilcke Non-Executive Director