UK asset finance lender Shawbrook will appoint Iain Cornish to post of chairman, news reports have indicated.
First reported by Sky News, who cited inside sources, Cornish will take the post left vacant by George Mathewson, who announced his departure in Shawbrook’s statement of intention to list.
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Cornish, formerly of UK bank regulator the Prudential Regulatory Authority (PRA), announced he was stepping down from his position on the PRA board at the end of March to take up a new position "outside the PRA".
Cornish was a founding member of the PRA Board, joining in February 2013, and formerly was chief executive of the Yorkshire Building Society, having joined the Society in 1992 and held a number of senior management positions before becoming Chief Executive in 2003. He retired in 2011.
UK challenger bank Shawbrook floated on the London Stock Exchange in March, and priced its initial price offering at 290p per ordinary share, giving the company a market capitalisation of £725m (996m).
Through the sale of 75m shares the bank aimed to raise approximately £90 million from the IPO.
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By GlobalDataOn Wednesday shares for Shawbrook listed at 304.75 pence with the lender’s public offering beginning at 290 pence per share.
A spokesman for Shawbrook did not respond to requests for comment at the time of writing.
