Shawbrook bank shares dip as Iain Cornish becomes chairman

Edith Hancock
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Iain Cornish replaces former RBS chief exec George Mathewson as chairman of Shawbrook
EX-BANK of England regulator Iain Cornish been appointed as chairman of challenger bank Shawbrook, replacing former RBS boss and Shawbrook chair since 2011 Sir George Mathewson.

Cornish left the Bank of England in March to become senior independent director of debt manager Arrow Global and wealth manager St James’s Place.

Shawbrook was the last in a group of challenger banks including Aldermore, OneSavings Bank and Virgin Money to float on the London Stock Exchange this year, selling shares for 290p and valuing the bank at £725m.

Mathewson’s intention to resign was first announced after the bank announced plans to float in March.

Shares in Shawbrook were down slightly yesterday afternoon, by 1.5 per cent to 368p per share.

Cornish said: “I am honoured to be joining the company following its successful IPO and at such an exciting stage in its development.”

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