Wednesday, 3 December 2014

Cambridge & Counties Bank update. Four Moneyfacts Stars award. New CEO Mike Kirsopp. Bursar of Trinity Hall Paul ffolkes Davis.

Cambridge & Counties Bank started trading in June 2012,  and is unusually owned 50/50% by Trinity Hall, a college of Cambridge University and the Cambridgeshire Local Government Pension Fund

This October Cambridge & Counties Bank announced the departure of CEO Gary Wilkinson, who has been replaced by Mike Kirsopp, the former chief operating officer.  Bank Chairman and Bursar of Trinity Hall Paul ffolkes Davis said: "It has been a great story so far, and the bank has grown quickly and safely under Gary's care. The board and I offer him our grateful thanks, and good wishes for his future endeavours."

Paul ffolkes Davis 2012

Paul ffolkes Davis has lost weight
and now sports designer stubble 

Wearing his Bursar's cap, Paul ffolkes Davis in his Trinity Hall report for the academic year 2013-2014 announced that the bank:

"became profitable in August 2013 and in this calendar year expects to earn £3.8 million PBT. It has made over 530 loans both locally and nationally with a value of approximately £275 million and against a deposit book of over £320 million. Margins remain strong, the pipeline of approved deals continues to grow andthere are, as yet(!), no bad loans and very low levels of arrears. CCB has high customer recognition for its quick and personal service, some of the strongestcapital and liquidity ratios in the industry, is regulated by the PRA and FCA, and is about to join the Bank of England’s Funding for Lending scheme. This is one of the most successful small banks in the country. Sooner or later, the clearing banks will return tothis area of lending in a determined fashion, but, to date, there is still plenty of room for a small player. The quantum of Trinity Hall’s investment has been relatively modest and we have no otherinvestment with the transformative potential of CCB. So far, so very good."

(PBT = Profit before Tax)

Chief Executive Officer – Mike Kirsopp

Mike has spent over 30 years working in the Financial Services industry with much of this in the commercial lending sector. He was a Network Director of the Lloyds TSB Business Banking, and latterly, Commercial networks, and has also led the Change and Strategy functions in these businesses at various times.

He was Mid Corporate Real Estate Director of Bank of Scotland Corporate following the HBOS and Lloyds merger in 2008 until 2010 and, before joining Cambridge & Counties Bank in 2012, worked with several specialist property banks as they undertook strategic reviews of their business in response to prevailing market turbulence.

Since the launch of the Cambridge & Counties Bank in 2012, Mike has held the position of Chief Operating Officer, subsequently taking up the position of CEO in October 2014.

Moneyfacts awarded four stars to Cambridge & Counties Bank on 17 July, 2014, and the following is taken from their webpage.

Cambridge & Counties improves business account


Cambridge & Counties Bank has raised the rate on its popular 95 day notice business account to cement its position in the Moneyfacts best buys.

The basics…
The 95 Day Notice Business Savings Account Issue 4 now pays 1.80% yearly, a market-leading rate for its term, on a minimum investment of £10,000.

The finer details…
The account must be opened and operated by post.

Further additions are welcome either via a nominated current account or cheque.

Early access to funds is not allowed, with 95 days' notice always having to be served.

Why we like it…
As well as carrying a market-leading rate, the increase has been backdated to 26 June 2014 for customers that have already opened this account.

Four Moneyfacts Stars have been awarded.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.