– UK, Kent – OneSavings Bank plc (LSE:OSB), the specialist lending and retail savings group, announces the appointment of two independent Non-Executive Directors.
Andrew Doman and Margaret Hassall will take up their positions and join the board of OSB as soon as the Prudential Regulation Authorities’ nomination process is completed. Their appointment brings the number of directors on the board of OSB to thirteen, of whom eight are independent, not including the Chairman, who was deemed independent on appointment.
Andrew is an experienced financial services executive. Formerly CEO of Premium Credit Limited and Frank Russell Company and a senior director of McKinsey & Company where he focussed on the financial services sector.
Margaret has been chief operations officer or chief information officer for divisions of some of the world’s largest banks including Barclays and Bank of America Merrill Lynch. She previously led the financial services consulting business for Charteris Plc.
Commenting on the appointment, Mike Fairey, Non-Executive Chairman of OSB said: “We are delighted to welcome Andrew and Margaret to the Board of OSB. In addition to them both having extensive experience of the financial services industry, Andrew has significant experience leading strategy and delivering successful performance and M&A activity, while Margaret brings broad sector experience in operations, and will represent information technology at board level. I very much look forward to working with them.”
About Andrew Doman
Andrew is an experienced financial services executive. He was formerly CEO of Premium Credit Limited and Frank Russell Company. Previously he was a senior director of McKinsey & Company, management consultants, based in the London office. He focussed on the financial services sector, serving a number of leading banks, insurance companies and asset managers across a wide range of topics including strategy, performance improvement and risk. He was formerly a non-executive director of The Wesleyan.
About Margaret Hassall
Margaret brings a broad range of experience developed across various industry sectors including manufacturing, utilities, and financial services. She spent 7 years working for Deloitte and Touche as a consultant and led the financial services consulting business for Charteris Plc. More latterly Margaret has been engaged as chief operations officer or chief information officer for divisions within some of the world’s largest banks, namely Bank of America Merrill Lynch, Barclays and RBS. Margaret is a non-executive director for Ascension Trust.
About OneSavings Bank plc
OneSavings Bank plc (LSE:OSB) began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015.
OSB is a specialist lending and retail savings group authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
OSB primarily targets underserved market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities. These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending and secured funding lines. OSB originates organically through specialist brokers and independent financial advisers. It is differentiated through its use of high skilled, bespoke underwriting and efficient operating model.
OSB is predominantly funded by retail savings originated through the long established Kent Reliance name, which includes online and postal channels, as well as a network of branches in the South East of England. Diversification of funding is currently provided by participation in the Funding for Lending Scheme and a securitisation programme.
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