08/11/12

Patrick Crawford takes Charity Bank into new phase

Patrick Crawford is to take Charity Bank into a new phase of growth as its new chief executive.

He takes over from founder Malcolm Hayday who is stepping down after 10 years. Malcolm Elliott joins as deputy CEO.

Charity Bank is the UK’s only bank regulated by the Financial Services Agency to invest depositors’ money in loans to charities and social enterprises.

Mr Crawford qualified as a barrister before following a career in banking. He joins from UK Export Finance, the government department that acts as the UK’s export credit agency, where he has been chief executive since 2004.

He is a former global head of project and export finance at Deutsche Bank and managing director of Emerging Africa Advisers, Standard Bank London, the manager of the Emerging Africa infrastructure Fund.

In the bank’s first decade, it has made more than 1,000 loans, valued at over £170m, supporting project expenditure of more than £365m which is said to have improved the lives of 3.5m people.

George Blunden, bank chairman, said: “Over the next five years, with further capital backing from existing and new investors, we aim to increase the financial options for many more charities and social enterprises but without changing our risk profile.

"We believe that Patrick Crawford and Malcolm Elliott are the people to lead us there.”

Mr Crawford said: “If you identify the banking crisis as having started with Northern Rock’s forced decision to stop lending to its customers five years ago, Charity Bank has bucked the banking trend, growing its deposit book by more than 200 per cent and its lending by more than 300 per cent in that time.

"While some banks carry some responsibility for their role in the credit crisis, the vast majority have suffered as a result. Charity Bank is the notable exception and has grown since the financial crisis.

"Under Malcolm Hayday’s leadership, Charity Bank has developed from a concept to a leader in the world of social finance. I hope that I will be a worthy successor at this key stage in its growth.”

Mr Elliott’s last job was as head of risk reporting with Just Retirement. He has previously worked for Legal & General, RBS and Chase Manhattan Bank.