Glasgow-based Alba Bank has announced the immediate departure of chief executive Rod Ashley after six years in the post.

Mr Ashley had been with Alba - Scotland's first new bank since Edinburgh's Hampden & Co launched in 2015 - since Alba's inception in 2017. 

He was previously chief executive of the historic Airdrie Savings Bank which was wound down after battling to meet the cost of complying with modern banking regulations. Scottish industrialist Jim McColl, founder and chief executive of Clyde Blowers Capital, approached the board of the Airdrie bank to see if the licence could be retained with its focus changing to supporting small and medium-sized businesses.

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Funding was ultimately assembled to establish Alba in April 2018 with Mr Ashley at the helm.

“I have enjoyed every moment of leading Alba from the early days but now is the right time to step aside," Mr Ashley said. "I will be following Alba’s progress over the coming months and wish the team every success.”

He is being replaced by chief commercial officer Jonathan Thompson who will assume the role of acting CEO. Mr Thompson is joined by Dominic Wade in the post of chief financial officer, the same post he previously held at Unity Trust Bank.

“I am delighted to take the reins at Alba and lead the bank through this next critical phase," Mr Thompson said. "It is great to have someone of Dom’s calibre alongside me as we take the business forward.”

A spokesman for the bank declined to comment further on the reason for Mr Ashley's departure, adding that an announcement on confirmation of his permanent replacement will be made "in due course".

Alba chairman Robert Sharpe added: “Rod has been a part of the Alba story for six years but has decided now is the right time to move onto other interests. He leaves with our thanks and best wishes.”