Last checked at 24 Nov 2011 07:00
For Immediate Release
PRESS RELEASE 24 November 2011
ARBUTHNOT BANKING GROUP PLC
BOARD CHANGE
The Board of Arbuthnot Banking Group PLC ("ABG") announces that Dean Proctor, Chief Executive Officer of Arbuthnot Latham & Co. Limited, has given notice that he will resign this position and from the Board of ABG to take up a position of Executive General Manager at Commercialbank of Qatar. The Board has already agreed terms with his successor who will be appointed as soon as regulatory approval has been obtained. It is expected that Dean Proctor will leave the Board in the first quarter of 2012 when his successor will join.
Dean Proctor has been with the Group for 3 years and during this time has made a substantial contribution to the Group by accelerating the development of Arbuthnot Latham & Co. Limited which has grown significantly while he has been Chief Executive, both in volume and profitability.
Henry Angest, Chairman & Chief Executive of ABG said:
"Dean Proctor made an outstanding contribution to the Group throughout his time at Arbuthnot Latham. The progress of our private banking business over the last three years has been excellent. Dean Proctor's management skills are exceptional and I am sorry to see him leave. In the last few years I have commented on my concern that the pre-eminence of the City of London and the UK's financial services business will be damaged unless steps are taken to ensure that the business environment in which it operates remains competitive. Dean Proctor leaving to pursue his career elsewhere in the world is to me a further example of the danger of not maintaining a strong enterprise culture in the UK."
Enquiries:
Arbuthnot Banking Group PLC Tel: 020 7012 2400
Henry Angest, Chairman and Chief Executive
Andrew Salmon, Chief Operating Officer
James Cobb, Group Finance Director
David Marshall, Director of Communications
Hawkpoint Partners Limited (Nominated Adviser) Tel: 020 7665 4500
Lawrence Guthrie
Numis Securities Limited Tel: 020 7260 1000
Christopher Wilkinson
Mark Lander
Pelham Bell Pottinger Tel: 020 7861 3232
Ben Woodford
Dan de Belder