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Former Kent Reliance OneSavings Bank based in Chatham appoints three new non-exec directors in shake up before London Stock Exchange listing

15 May 2014
by Chris Price

Kent-based lender OneSavings Bank is undergoing a boardroom shake up ahead of its planned float on the London Stock Exchange next month.

The company – which trades under the Kent Reliance brand, among others – has appointed former Friends Life strategy director Nathan Moss as an additional independent non-executive director.

He comes in just a day after the Chatham-based bank appointed financial services experts Mary McNamara and Graham Allatt as independent non-executive directors.

OneSavings Bank trades under the Kent Reliance brand

OneSavings Bank trades under the Kent Reliance brand

The firm announced its intention to float last week, aiming for a valuation of up to £500m, raising about £41.5m of cash for the business.

Mr Moss held senior management roles at Scottish Widows, Lloyds TSB Group and HSBC Group before working as group strategy director for Friends Life from 2010 to 2013.

Ms McNamara was formerly the chief executive of Close Brothers Group’s commercial division and was a board director of its banking division.

She previously spent 17 years at GE Capital running a number of businesses including GE Fleet Services Europe and GE Equipment Finance.

Mr Allatt has held senior positions at Lloyds TSB, Abbey National and NatWest Group during his career as a senior commercial and retail banker.

Kent Reliance is based in Chatham

Kent Reliance is based in Chatham

He was chosen for his extensive experience in credit and risk management.

Ms McNamara and Mr Allatt’s appointments follow the retirements from the board of Sir Callum McCarthy and David Mills.

Non-executive chairman Mike Fairey said: “We are very pleased to welcome Nathan to the board.

“His knowledge and expertise in financial services, and in particular in business development and innovation, will be extremely beneficial as we seek to continue to grow the business.”

He added: “These appointments will help ensure that we have the best possible corporate governance arrangements and board composition in place before we list on the London Stock Exchange.

“We are delighted to welcome Mary and Graham to the board. Their combined experience and deep knowledge of the financial services sector will be extremely valuable to the continued development of OneSavings Bank as it begins its life as a public company.”

The board now consists of 11 directors, five of whom are independent, plus chairman Mike Fairey, who was independent upon appointment.

OneSavings Bank was formed in 2011 from the trade and assets of Kent Reliance Building Society.

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