OneSavings Bank announces David Weymouth to its Board as upcoming Chairman

– UK, Chatham – One Savings Bank plc (LSE:OSB), today announces the appointment of David Weymouth as Chairman, with effect from 1 September 2017. David replaces Mike Fairey who, as previously stated, retired as Chairman of the Board on 10 May 2017. David will also Chair the Nomination and Governance Committee.

Rod Duke, who has acted as interim Non-Executive Chairman will resume his previous role as Senior Independent Director from 1 September 2017.

David has nearly 40 years’ experience in financial services. This includes roles as Chief Information Officer at Barclays Bank plc and Chief Risk Officer at RSA Insurance Group plc where he sat on both companies’ executive committees. His experience as an executive includes a wide range of senior roles in operations, technology, risk and leadership. David is Chairman of Mizuho International Plc and his current Non-Executive Directorships include Fidelity International Holdings (UK) Limited and The Royal London Mutual Insurance Society. He will be stepping down from the Board of Bank of Ireland (UK) plc.

Incoming Chairman, David Weymouth said, “OneSavings Bank is an excellent company that has established itself as a leading player in its chosen markets. I look forward to joining the Board and working with the Company as it continues to build on the significant and exciting opportunities that lie ahead”.

Rod Duke, Interim Chairman said, “We are delighted that David will be joining the board and I, along with the rest of the Board and the executive team, look forward to working with him as OneSavings Bank continues to build on its strong position in its chosen markets”

About OneSavings Bank plc

OneSavings Bank plc 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 access to a securitisation programme; and the Funding for Lending Scheme and Term Funding Scheme, which OSB joined in 2014 and 2016, respectively.

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