Raymond Abbott appointed chairman of Scottish Building Society

Scottish Building Society, Scotland’s only independent building society and the UK’s oldest, has appointed former Alliance Trust Equity Partners managing director Raymond Abbott as its new chairman.

Mr Abbott has taken over the role from Rob Golbourn, who will remain as non-executive director until he retires from the board in October 2017.

A chartered accountant, Mr Abbott has been vice-chairman and senior independent director at the society since 2015, and a member of the board since 2013.

Before working at Alliance Trust, Mr Abbott founded the UK venture investor Albany Ventures and was director of investment at British Linen Bank.

He also serves as Chairman of Foresight 4 plc and Integrated Environmental Solutions Ltd.

Mr Abbott said: “It’s an honour to take over as chairman of Scottish Building Society. We have a proud history as the world’s oldest mutual, but the Society is not stuck in the past and it is an exciting time to take the reins.

“We have prospered through keeping sight of the importance of putting our member’s interests first and will continue to hold true to our core values of sound financial management and community benefit whilst keeping pace with the very best developments in financial services.”

SBS also announced that former Clydesdale Bank executive Jack Ogston has become vice–chairman and David Peebles is now senior independent director.

Chief Executive Mark Thomson said: “I’d like to thank Rob Golbourn for all that he has accomplished for the Society as Chairman and I am delighted that Raymond will be continuing to drive the future growth of the Society. He is a financial sector veteran who brings vast experience that complements the professional knowledge and skills of other board members. I look forward to working closely with him going forward.”

Established in 1848, the Society has 5 branches and over 60 agency offices in communities across Scotland.

With over 33,000 members, the Society has mortgage assets of £311.3 million and savings balances of £365 million. The Society reported a pre-tax profit of £1.27 million in the last financial year.