Sir Brian Ivory has stepped down as the senior independent director of Shawbrook Bank in advance of a flotation expected to be announced today.
The Scottish business grandee was a main board director of the doomed HBOS from 2001 until 2007, just before its collapse — a board described by the Banking Standards Commission as “a model of self-delusion”.
Sir George Mathewson, the chairman of Shawbrook and a former chairman of Royal Bank of Scotland, another taxpayer-rescued bank, is also expected to signal plans to stand down soon after the flotation.
Sir George, who left RBS in 2006, two years before its collapse, and other Shawbrook directors are expected to make millions of pounds from the flotation, which could value the company at as much as £1 billion. About £90 million of shares are expected to be offered for sale, partly in new capital and partly to provide a partial exit to existing shareholders.
The main shareholder is Pollen Street Capital, the former private equity business of RBS, which was spun out of the bank in 2013. RBS still owns 13 per cent of Shawbrook through funds.
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The initial public offering is being led by Goldman Sachs and Bank of America Merrill Lynch, with support from Macquarie and Keefe, Bruyette & Woods. A price range has yet to be decided.
Shawbrook declined to comment.