LEI: 213800WTQKOQI8ELD692
OneSavings Bank plc
(the 'Company')
Board Changes
OneSavings Bank ('OSB') announces appointment of Sarah Hedger as Non-Executive Director
OneSavings Bank today announces the appointment of Sarah Hedger as a Non-Executive Director, with effect from 1 February 2019.
Sarah Hedger has significant experience in financial services. She held leadership positions at General Electric for twelve years to March 2017 in its Corporate, Aviation and Capital business development teams, leaving General Electric as Leader of Business Development and M&A for its global GE Capital division. From 2011 to 2014, Sarah served as a non-executive director of GE Money Bank AB, GE Capital's Nordic consumer finance bank, prior to its sale to Santander Group, as well as a director of GE Capital EMEA Services Limited from 2011 to 2017. Before General Electric, she worked at Lazard & Co., Limited for 11 years, leaving as Director, Corporate Finance and spent five years as an auditor at PricewaterhouseCoopers. Sarah holds a Masters in Electrical & Electronic Engineering and Business Studies from Imperial College, London University and is a qualified chartered accountant. Sarah is an independent non-executive director of Balta Group NV, a Belgian company listed on Euronext.
Sarah Hedger said, "I am delighted to be joining the Board of OneSavings Bank. I look forward to working with the Company to build on its strong performance and capitalise on the exciting opportunities that lie ahead".
David Weymouth, Chairman said, "We are delighted that Sarah will be joining the Board and I, along with the rest of the Board and the executive team, look forward to working with her as OneSavings Bank continues to build on its strong position in its chosen markets".
For and on behalf of
OneSavings Bank plc
Jason Elphick
Group General Counsel and Company Secretary
Media enquiries:
OneSavings Bank plc
Alastair Pate t: 01634 838 973
Brunswick Group
Robin Wrench / Simone Selzer t: 020 7404 5959
This announcement contains inside information
Supplementary information:
There are no matters relating to the appointment of Sarah Hedger that need to be disclosed pursuant to Listing Rule 9.6.13(2) to (6) of the Listing Rules of the Financial Conduct Authority.
The Directors have determined that upon the appointment Sarah Hedger will be independent. In making their determination, the Directors concluded that there are no other relationships or circumstances which are likely to affect her judgment and that any relationships or circumstances which could appear to do so are not considered to be material.
The appointment is for an initial term of three years and subject to a three months' notice period on either side. The anticipated time commitment is two and a half days per month, although this may be greater to begin with and at times of heightened corporate activity. The appointment will be subject to Sarah's election and subsequent annual re-election by OneSavings Bank plc shareholders.
About OneSavings Bank plc
OneSavings Bank plc ('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 access to a securitisation programme and the Term Funding Scheme.
