Aldermore appoints experienced banker Pat Butler as chair to lead under new owners Firstrand
Aldermore has appointed experienced bank director Pat Butler as the chairman to lead the challenger bank’s board under new owner Firstrand.
Butler will join as a non-executive director in the new year before becoming chairman when South Africa’s Firstrand completes its acquisition.
A former consultant at McKinsey, Butler currently serves on the boards of Bank of Ireland, Hikma Pharmaceuticals and Ardonagh Group.
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He has also worked at the Resolution Group, which conducts investment and restructuring activities in financial services and chaired the investment committee of British Business Bank Investments.
Shareholders in Aldermore last week voted in favour of Firstrand’s offer of a £1.1bn takeover. The South African firm, the largest financial institution in Africa, will pay a 40 per cent premium to investors.
Aldermore, which focuses on lending to small and medium-sized businesses as well as buy-to-let mortgages, was started in 2009 by Phillip Monks, a former Barclays banker who continues as chief executive.
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The appointment could signal a willingness to expand the Aldermore franchise, according to John Cronin, head of UK banks research at Goodbody, the stockbrokers.
He said: “It is an excellent appointment and is likely to be a signal that Firstrand will be actively seeking to develop the Aldermore franchise in interesting directions.”
Outgoing interim chairman Danuta Gray said Butler has a “proven track record in financial services”. Gray will revert to senior independent director once the acquisition is complete.
Butler said: “I am excited to be joining Aldermore as it moves towards the next phase of its journey and the opportunities that lie ahead.
“I would like to congratulate Danuta in her exemplary leadership over the past year and her management of the FirstRand offer which greatly enhances the strategic opportunities of the Company.”
Read more: Aldermore share price jumps 20 per cent on takeover news