United Trust Bank (UTB) chairman, Nicholas Clegg CBE, is to retire.

UTB said Clegg had been chairman of the board of directors of United Trust Bank since 2001 when the Bank was acquired by Insinger de Beaufort. He continued in the role when Graham Davin led a management buyout of United Trust Bank in 2003.

Clegg has enjoyed a long career in banking spanning nearly six decades, said UTB. He joined the board of directors of Hill Samuel & Co at the age of 33 and went on to become co-chairman of Daiwa Europe and chairman of Daiwa Europe Bank. Clegg has also served as a director of the International Primary Markets Association and as a senior adviser to the Bank of England on banking supervision.

He was a founder member, and latterly chairman, of the Daiwa Anglo Japanese Foundation and in the 2009 New Year Honours he was appointed a Commander of the Order of the British Empire (CBE) for services to UK-Japanese relations.  Mr Clegg celebrated his 80th birthday in May of this year.

On announcing his retirement Mr Clegg said: “It has been very rewarding to be part of the United Trust Bank success story and the last few years have been particularly memorable with UTB posting consistently outstanding financial results and joining the Profit Track 100 list of the UK’s fastest growing private businesses.

“I have thoroughly enjoyed working with such an extraordinary group of people. Graham Davin, Harley Kagan and the management team are exceptionally talented and the Bank has attracted some very high calibre non-executive directors to the board. Together with the Bank’s dedicated staff, they are committed to creating a superb business providing customers with excellent products and service. The innovation and enthusiasm shown by the team at UTB reminds me very much of when I first started in the banking industry. The smaller, merchant banks were the innovators and challengers of their day and I see much of that pioneering spirit at United Trust Bank.

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“Although I know I will miss working with UTB, I am very happy to be ending my career in a very similar environment to that in which I started 57 years ago, surrounded by very bright, driven and dedicated individuals who wish to make a real difference to their customers. I would like to wish the whole team every success for the future.”

Graham Davin, chief executive officer of United Trust Bank, said: “It has been a privilege to work with Nick for the last 15 years at United Trust Bank. He has guided all of us through years of stellar growth as well as through the extreme volatility and risk of the 2008 crash. At all times, his attention to detail combined with his focus on the key issues and his tenacity has allowed the bank to expand and prosper. He has been a friend, a promoter of clear thinking and a guide to ethics in business, and we are all the better for working under his chairmanship.