LONDON (Alliance News) - Secure Trust Bank PLC said Wednesday that Henry Angest has stepped down as chairman of the company and been replaced by Michael Forsyth, a non-executive director of the company and former Secretary of State for Scotland.
Secure Trust said Angest will continue as a non-executive director and chairman of the company's remuneration committee. The company said the move was connected to developing Secure Trust after its move to the London Main Market from AIM a week ago.
Forsyth is a member of the House of Lords and former chairman of Hyperion Insurance, having also held deputy chairman roles at investment banks JPMorgan Chase and Evercore Partners.
Henry Angest is the chairman and chief executive officer of Arbuthnot Banking Group PLC, which listed Secure Trust in 2011 and reduced its holding in the bank to 19% from its previous controlling interest of 52% in May this year.
"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," said Forsyth.
Shares in Secure Trust Bank were up 0.2% at 2,354.35p Wednesday.
By Adam Clark; adamclark@alliancenews.com
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Secure Trust (STB)
Arbuthnot (ARBB)