Cambridge & Counties Bank has appointed Donald Kerr as its new chief executive officer.
Mr Kerr will replace Mike Kirsopp, who is retiring from the Leicester-based business bank.
Subject to regulatory approval he will take up his new post in November, with Mr Kirsopp stepping down before the end of the year.
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Mr Kerr is currently managing director of SME banking at the Co-operative Bank, a position he has held for the past 18 months.
Cambridge and Counties said that under his leadership the division saw strong growth and increased market share, and brought in new products and new technology-led services.
Prior to that he was head of small business at CYBG (Clydesdale and Yorkshire Bank) for almost three years, having been at Lloyds Banking Group for 16 years in a number of roles, including as managing director of global transaction banking and head of corporate in Scotland for Bank of Scotland.
The C&C has been operating for eight years and specialises in secured lending and deposit accounts for small and medium sized businesses, with a strong real estate investor client base.
It is jointly owned by Trinity Hall, a College of the University of Cambridge, and Cambridgeshire Local Government Pension Fund.
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Recent accounts showed it faced its most challenging year yet in 2019 due to a combination of political uncertainty, a general economic slowdown – even before the coronavirus hit – and a lack of confidence in consumer markets.
Combined, it meant the bank’s balance sheet stayed steady at around £1 billion while pre-tax profits were £22.5 million, down from around £28 million in 2018.
Deposit balances at the end of 2019 totalled £854 million.
Mr Kirsopp, a popular figure in the Leicester business community, joined in June 2012 as the chief operating officer.
Prior to that he ran his own consultancy business, Mike Kirsopp Associates, and also worked at Lloyds TSB as a strategy and change director and midlands corporate real estate director.
He attended Harvard Business School and the University of Bristol.
Mr Kerr said: “This is a fantastic opportunity to take a very well-positioned, competitive institution with unique products, strong relationships with brokers and very satisfied clients to the next level.
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“I see a bank with exceptional potential, and I’m honoured to be given the chance to lead the institution and its team of dedicated employees.”
Mike Kirsopp said: “Donald’s unique understanding of our markets and the opportunities for the future means he will hit the ground running, and have the best possible start leading a great executive and the wider team who deliver above and beyond for our customers.”
Bank chairman Simon Moore said: “Donald has worked at the very highest echelons of the 海角视频 banking sector, delivering excellent results and strong growth, and is the perfect individual to take the bank forward.
“We are delighted to welcome him to the senior team.
“I would also like to take this opportunity to thank Mike and to wish him well as he moves forward to the next stage of his banking career.
“His six years as chief executive have been an unmatched success and, on behalf of all stakeholders in the bank, I would like to thank him profoundly for his leadership and significant achievements.”