30th Jan 2020 12:27
(Alliance News) - Nordea Bank AB on Thursday said Ian Smith will be joining the lender as chief financial officer, after London-listed Virgin Money UK PLC announced earlier Smith was leaving his role, to take up a position "overseas".
Virgin Money has started a process to find a successor, adding Smith will stay until after interim results are released. The lender, previously known as CYBG, is planning to release results for the six months to March on May 6.
Nordea was looking for a new finance chief after current CFO Christopher Rees announced his intention to leave the Helsinki-headquartered bank to return to the UK.
Nordea said it is "pleased" to lure Smith away from Virgin Money.
"He brings leadership, expertise and a strong track record. With his background and experience in the financial services sector focused on finance, treasury, business planning, cost management and M&A he is the ideal CFO for Nordea," Nordea Chief Executive Frank Vang-Jensen said.
Smith has previously held senior positions as Banking audit partner and later as Financial Services M&A leader at Deloitte. He has also served as director of group finance at Lloyds Banking Group PLC and at Halifax Bank of Scotland PLC.
Viergin Money CEO David Duffy added: "Ian has been our CFO since 2014 and has been a valued member of the board and my leadership team through the separation from National Australia Bank, transformation of CYBG following its initial public offering, and acquisition of Virgin Money."
"Ian has played an instrumental role in creating the financial strength and discipline that will enable us to continue delivering our ambitious strategy. I thank Ian for his hard work and dedication during this period, and I wish him all the very best for the future," Duffy added.
Smith's departure follows Virgin Money's announcement last week that Chair Jim Pettigrew is to leave in September 2021.
The UK challenger bank in November made the "difficult" decision to suspend dividend payments due to increased PPI provision after an "unprecedented surge" in the summer.
Shares in Nordea Bank were down 1.1% in Stockholm on Thursday at SEK75.45 each. Virgin Money was trading 1.5% lower in London at 176.30 pence each.
By George Collard; [email protected] and Paul McGowan; [email protected]
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