The Paragon Group of Companie has announced a strategic reorganisation of the Group to accelerate its transformation into a diversified specialist banking institution.
This reorganisation will increase operational and financial efficiency, enhancing engagement and delivery to customers and business partners and will increase the Group’s capacity to meet its ambitious growth plans. As part of the reorganisation, the Group also intends to change its name to Paragon Banking Group PLC and to refresh its branding.
The Group has also adopted a new, streamlined management structure, with specific responsibilities as follows:
• Patrick Newberry and Finlay Williamson join the Group Board, currently Non-Executive Directors of Paragon Bank PLC. Finlay becomes Chairman of the Risk & Compliance Committee, in place of Fiona Clutterbuck, and a member of the Audit Committee, and Patrick becomes a member of the Audit, Risk & Compliance and Nomination Committees
• Fiona Clutterbuck becomes Chairman of the Remuneration Committee, taking over from Alan Fletcher who will cease to be an independent non-executive director in February 2018 21 September 2017
• Barbara Ridpath and Graeme Yorston join as Non-Executive Directors and become members of the Audit Committee and the Risk & Compliance Committee • Stephen Blaney, formerly Chairman of Paragon Bank, leaves the business after leading the Bank’s Board during its initial growth phase
• Stephen Blaney, formerly Chairman of Paragon Bank, leaves the business after leading the Bank’s Board during its initial growth phase
• Executive and Non-Executive Directors of the Group Board now also constitute the Board of Paragon Bank
The new management structure brings a more simple and effective governance structure which will enhance operational efficiency and optimise the speed of decision-making.
The change of name to Paragon Banking Group PLC reflects the changing focus towards the Group becoming a fully integrated banking business. A series of rebranding exercises will follow in the coming weeks to align the Group’s various subsidiary brands and allow customers to recognise Paragon as one fully integrated banking organisation.
A series of rebranding exercises will follow in the coming weeks to align the Group’s various subsidiary brands and allow customers to recognise Paragon as one fully integrated banking organisation.
Nigel Terrington, Chief Executive of Paragon, said: “Paragon Bank has delivered outstanding progress since its authorisation in early 2014. Since that time, it has delivered over £3.5 billion of retail deposits and led the Group’s diversification strategy, adding six new product lines. This strategic reorganisation is the logical next step in our transition to a more broadly based banking Group.”
“The new name and rebranding reflects the strategy and will deliver greater clarity for our customers, and utilises the strength of the Paragon brand across the business.”