By Scott Wright

SCOTTISH Building Society has drafted in financial services veteran Ian Wilson as its new chairman.

Mr Wilson succeeds long-standing chairman Raymond Abbott, who will retire at the end of the year after holding the role for five years. He has been with the world’s oldest remaining building society for a decade.

Mr Wilson’s appointment was announced as the society prepares for its 175th anniversary in 2023.

He joins with 40 years of experience in the financial services sector, having held senior roles at high-street banks, challenger banks and building societies and with financial technology organisations such as Monzo, Revolut and Copenhagen-based Kompasbank.

Mr Wilson said: “I am very much looking forward to joining the team at Scottish Building Society and continuing in Raymond’s footsteps to build a positive future for the organisation.

“My experience across financial services and fintech firms will complement the ambitious growth trajectory mapped out by senior management at Scottish Building Society.”

Paul Denton, chief executive of the society, said: “I would like to thank Raymond for his contribution over the last ten years. His presence and passion will be greatly missed, but Ian is a worthy replacement. He is a well-respected figure in the UK’s financial services sector and we are incredibly pleased to welcome him on-board. His appointment is timely as Scottish Building Society embarks on an exciting new chapter as we shape the future of the organisation, whilst remaining true to our purpose and providing flexible, personal and reliable services and products to our valued members.”

In April, the mutual reported a pre-tax profit of £2.4 million for the year ended January 31, 2022, up from £0.8m.

Mortgage balances climbed to £453.7m from £409.2m, with the mutual noting that its balance sheet had grown by 40% in two years.

Mr Denton said at the time: “We are as committed to our wider purpose today as we were back in 1848. As a mutual society, we reward our members with fair interest rates whilst responsibly using those funds to provide flexible mortgages, enabling Scottish people to buy homes and get on the property ladder. The environment has changed over the years, but that simple strategy has helped the Society survive and thrive towards its 175th anniversary next year.”