Secure Trust Bank appoints Lord Forsyth as chairman

Lord Forsyth was appointed chairman of AIM-listed Secure Trust Bank after Sir Henry Angest stepped down on Wednesday after 35 years.

Sir Henry, who will remain a non-executive director and chairman of the remuneration committee, was chairman as the retail bank evolved from a £9m private company in 1985 to a listed company with a market capitalisation of over £400m. He is also the chairman and chief executive of Arbuthnot Banking Group which holds an 18.93% interest in the bank.

Sir Henry said: "This is a time of mixed emotions as I have derived great satisfaction in overseeing the development of Secure Trust as chairman over the last 35 years, but I believe that in the capable hands of the new chairman, Lord Forsyth, and Paul Lynam carrying on as the very successful CEO, Secure Trust will continue to thrive."

Lord Forsyth, who will also chair the nomination committee, was appointed to the board as a non-executive director in March 2014 and was previously a Conservative MP for 14 years and Secretary of State for Scotland under John Major.

He said Sir Henry’s vision 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."

Shares in Secure Trust Bank were up 0.19% to 2,354p at 1227 BST.