RNS Number : 5195K
Secure Trust Bank PLC
05 January 2021
Secure Trust Bank PLC
5 January 2021
For immediate release
SECURE TRUST BANK PLC
Appointment of Chief Executive Officer and Directorate
Secure Trust Bank PLC ("STB" or the "Company") announces the
appointment of David McCreadie as Chief Executive Officer of the
Company with effect from 5 January 2021. David is an experienced
banker, who has worked in financial services for more than 30
years, and has been an independent Non-Executive Director of STB
since 17 December 2019.
David will succeed Paul Lynam who, after more than 10 years in
the role, has notified the Board of his decision to resign and
leave the Group to become Chief Executive Officer at Equiniti Group
plc. Paul will step down from the Board with effect from 5 January
2021, but will remain with the Group in an executive capacity until
31 March 2021, to support the orderly handover to David.
David started his career at The Royal Bank of Scotland (RBS),
holding roles in Branch Banking, several Group central functions
and Consumer Finance, becoming CEO of Kroger Personal Finance, a
joint venture between RBS and the Kroger Co, based in Cincinnati.
David joined Tesco Personal Finance in 2008 and was a member of the
executive team that built Tesco Bank. He was an Executive Director
and Managing Director, Tesco Bank from 2015 to 2019.
The Financial Conduct Authority and the Prudential Regulation
Authority have been notified of the appointment of David McCreadie,
which is subject to regulatory approval.
As a result of these changes STB also announces that the Board
has commenced a process to recruit an additional Non-Executive
While market guidance remains suspended as a result of the
continuing uncertainty about the economic effects of the pandemic,
the view of the Board remains as set out in the trading update made
on 22 October 2020 that the Group is trading ahead of current
consensus profit before tax of GBP7.3 million, with the full year
consensus ranging from GBP5.6 million to GBP9.7 million. A pre
close trading update will be made as usual on 21 January 2021.
Commenting on today's announcement, Lord Forsyth, Chairman,
"David brings substantial banking, personal finance, consumer
facing business and governance experience acquired in his previous
roles, as well as deep knowledge of the markets in which we
operate. His appointment, in line with the Board's succession plan
and following a year as a Non-Executive Director, marks the start
of a new chapter in the STB story as we emerge from a turbulent
"On behalf of the Board I would like to thank Paul Lynam for his
leadership of STB and his contribution during a period of
significant growth and development for the group. STB is today a
well-capitalised bank with strong positions in attractive market
segments and very high customer satisfaction, well-placed to grow
in the years ahead. When the time comes Paul will leave with our
best wishes as he moves to take on his new role.
David McCreadie, incoming Group CEO, said:
" I am delighted to be appointed as Chief Executive Officer of
Secure Trust Bank. Since joining the Board I have got to know the
business well and have been hugely impressed by how the whole
Group, under Paul's leadership has navigated the unprecedented
circumstances of 2020. They have done so with a relentless focus on
supporting both our customers and each other and I look forward to
building on that momentum as I take the group forward.
"Despite the challenges that we continue to face as a result of
the pandemic, I am confident the group is well positioned to grasp
the opportunities that lie ahead of us."
Paul Lynam, outgoing Group CEO said:
" Over the last decade I have enjoyed working with the group,
its shareholders and staff, providing a great customer experience
and building it into the successful bank that it is today.
Having safely and profitably weathered the COVID storm in 2020,
the group is a strong position to take advantage of the organic
growth and M&A opportunities that will arise in the early
phases of next economic cycle, as was the case after the Global
Financial Crisis. I have concluded this is an appropriate time to
pass the reins to a new CEO to lead the group during this coming
cycle. David is an excellent choice as my successor. I have known
David for a number of years and know he'll do a great job going
I am especially grateful for the support of our highly dedicated
and professional colleagues. They are a fantastic team and the
special STBG culture means I am very confident the group will enjoy
continued success in the coming years."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Further biographical
information and the remuneration for David McCreadie, and the
leaving remuneration for Paul Lynam will be available on our
Secure Trust Bank PLC
Lord Forsyth, Chairman
Rachel Lawrence, Chief Financial Officer
Mark Stevens, Company Secretary
Tel: 0121 693 9100
Stifel Nicolaus Europe Limited (Joint Broker)
Tel: 020 7710 7600
Canaccord Genuity Limited (Joint Broker)
Tel: 020 7523 8000
About the Company:
Secure Trust Bank is an established, well--funded and
capitalised UK retail bank with a 68 year trading track record.
Secure Trust Bank operates principally from its head office in
Solihull, West Midlands, and had 972 employees (full-- time
equivalent) as at 30 June 2020. 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,
(ii) Consumer Finance through its Motor Finance, Retail Finance,
Debt Collection and Consumer Mortgages divisions
As at 30 June 2020 the Group's loans and advances to customers
totalled GBP2,377.5 million, customer deposits totalled GBP1,999.2
million and the Group's total customer base was well over 1.6
Secure Trust Bank PLC is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority.
Secure Trust Bank, PLC, One Arleston Way, Solihull, B90 4LH.
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(END) Dow Jones Newswires
January 05, 2021 02:00 ET (07:00 GMT)