ONE Savings Bank PLC : Directorate change

1. November 2016

OneSavings Bank plc: Directorate change

Published: 01.11.2016

OneSavings Bank plc
(the 'Company')

OneSavings Bank announces the intended resignations of Mike Fairey, Chairman, and Dr David Morgan, Non-Executive Director

Having recently strengthened the Board through the addition of Andrew Doman and Margaret Hassall, the Board of OneSavings Bank plc (OSB) today announces that Mike Fairey, Non-Executive Chairman and Dr David Morgan, Non-Executive Director have tendered their resignations from their respective posts.

Mr Fairey will step down from the role at the 2017 Annual General Meeting following his decision to gradually scale down his business commitments.

Mike joined OSB in April 2014 and led the company through its very successful IPO later that year.

In order to ensure an orderly transition, the Board Nominations and Governance Committee will undertake a comprehensive internal and external search process for a new Non-Executive Chairman, who can lead the company into its next stage of growth and development.

Dr Morgan will be stepping down from the Board at the end of 2016. He joined OneSavings Bank as a Non-Executive Director at its formation in 2011 and has taken the decision to step down from the Board of OSB after 5 years with the business to focus on his other business interests.


OSB Chief Executive, Andy Golding said:  "I would like to thank Mike and David for the enormous contributions they have made to the success of OneSavings Bank. David has been on the board since OSB was created and has been a huge strategic influence on the Bank's journey. Mike led the board through our IPO and has helped the Bank grow and establish itself as a FTSE250 company. They will both be missed and I wish them both well in the future."

OSB Chairman, Mike Fairey said:  "I have thoroughly enjoyed being part of the OSB journey and working with a high quality board and management team, to whom I offer my very best wishes for the future."

Dr David Morgan said:  "I am proud to have been part of OneSavings Bank since its inception and helping to guide it on its journey to being the established FTSE 250 business it is today.  I wish the Board and Management all the best in continuing to build on the success to date."

Enquiries:

OneSavings Bank plc

Alastair Pate t: 01634 838 973

Brunswick Group

Robin Wrench / Simone Selzer t: 020 7404 5959

This announcement contains inside information

About OneSavings Bank plc

OneSavings Bank plc ('OSB') began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015.

OSB is a specialist lending and retail savings group authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

OSB primarily targets underserved market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities.  These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending and secured funding lines. OSB originates organically through specialist brokers and independent financial advisers.  It is differentiated through its use of high skilled, bespoke underwriting and efficient operating model.

OSB is predominantly funded by retail savings originated through the long established Kent Reliance name, which includes online and postal channels, as well as a network of branches in the South East of England. Diversification of funding is currently provided by participation in the Funding for Lending Scheme and access to a securitisation programme.

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