By Andrew Holt
Charity Bank - the UK’s only FSA regulated bank set up to invest depositors’ money in loans to charities and social enterprises - has appointed Patrick Crawford as its new chief executive.
He replaces Malcolm Hayday, who is stepping down as CEO after 10 years, having founded the bank in 2002. Malcolm Elliott joins as deputy CEO.
Patrick Crawford, who takes up his post with the bank on 19 November, joins from UK Export Finance, the government department that acts as the UK’s export credit agency, where he has been chief executive since 2004.
He is a former global head of project and export finance at Deutsche Bank and managing director of Emerging Africa Advisers, Standard Bank London, the manager of the Emerging Africa infrastructure Fund.
Malcolm Elliott joins from Just Retirement, where he was head of risk reporting.
Previously, he spent seven years at Legal & General, latterly as director, risk and governance, for the wealth management division.
Patrick Crawford, who qualified as a barrister before following a career in banking, will lead the delivery of Charity Bank’s strategy, raising funds and capital to continue to grow its lending book and to present an ethical savings choice to a broader audience, building on the strong foundations that have been laid over its first ten years.
Malcolm Elliott, who joins Charity Bank this month, was one of the FSA managers who worked with Charity Bank when the bank received authorisation in 2002 and spent six years as a co-opted member of bank's Audit and Compliance committee.
Prior to working for the FSA, Malcolm worked in retail banking at RBS and in a credit risk role at Chase Manhattan Bank.
George Blunden, Charity Bank’s chairman, said: “In our first decade we have made more than 1,000 loans, valued at over £170m, supporting project expenditure of over £365m.
"This is estimated to have improved the lives of 3.5m people. Over the next five years, with further capital backing from existing and new investors, we aim to increase the financial options for many more charities and social enterprises but without changing our risk profile. We believe that Patrick Crawford and Malcolm Elliott are the people to lead us there.”
Patrick Crawford added: “I was attracted to Charity Bank because it is a clear success story that can only get better, and because the whole objective of the bank is to make a beneficial impact: the real changes its borrowers make to the lives of individuals and communities."
Since the start of the economic crisis, Charity Bank has grown its:
Deposit book from £33m to over £77m today – more than 200 per cent
Lending to charities and social enterprises from £20m to over £62m today – more than 300 per cent
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