Arbuthnot appoints COO to chief executive of private banking business

Salmon will take this role in conjunction with his current roles as group chief operating officer and head of business development at the AIM-traded banking group, where he has been a member of the board since 2004.

Arbuthnot said Salmon is well placed to continue the growth of the business and will be supported in his task by group finance director James Cobb and Stephen Fletcher who will act as deputy chief executives.

Cobb has been with the group since October 2008 while Fletcher joined in September 2015 and has since successfully established the bank’s commercial banking business.

Henry Angest, chairman and chief executive of Arbuthnot Banking Group PLC, said: "The group's business is now focused on one principal subsidiary and we count ourselves lucky in having in Andrew an executive of such experience and quality to take on the role of Arbuthnot Latham's new chief executive officer. Andrew has worked successfully for the group for over 20 years and I look forward to continuing to work with him as Arbuthnot Latham maintains its strategy to grow and diversify."

As of 1549 BST, Arbuthnot Banking Group’s shares were down 1.13% at 1,582.00p.