Jim McColl, the millionaire entrepreneur, has stepped down from the board of Alba Bank which he set up to finance small and medium sized businesses.
The accountant who turned Clyde Blowers into an engineering force and controversially took control of Ferguson shipbuilders, created the Scottish challenger bank in 2018.
He led Alba Bank through its formative stage and regulatory requirements but said his decision to step down from the board “comes at an important stage in Alba’s development”.
He said it will enable him to devote greater focus to Caledonian Holdings and the continued execution of the company’s financial services strategy, “including maximising the long-term value of Caledonian’s investment in Alba”.
Alba, based at Peel Park, East Kilbride, has recently advised its shareholders that it expects to receive imminent regulatory approval, subject to the final capital requirements being satisfied before full authorisation.
Caledonian believes that this represents a significant milestone in Alba’s development and remains fully supportive of Alba, its management team and its long-term strategy.
It said the separation of Mr McColl’s executive responsibilities at Caledonian from Alba’s board also provides greater clarity between Caledonian’s position as a significant shareholder and Alba’s own board and management responsibilities.
Mr McColl, who has advised both the SNP and Scottish Labour, said: “Having founded Alba and remained closely involved in its development, I continue to have great confidence in its long-term prospects. At the present time I believe I can create greater value for Caledonian shareholders by focusing directly on our investment and on opportunities to strengthen and enhance our position as a major shareholder.
“This should not be viewed as a departure from Alba, nor as any reduction in my commitment to its success. Rather, it reflects a decision about where I can contribute most effectively during the next phase of the Bank’s development.
“Building a successful Bank is a marathon, not a sprint. Caledonian remains fully supportive of Alba, and I look forward to continuing to support its progress as a committed shareholder and founder.
“As the business evolves, future opportunities for engagement may rise and will be considered at the appropriate time in the interests of shareholders.”
Mr McColl remains chair and chief executive of Clyde Blowers, having bought into the business in 1992. In the past 20 years he has invested in 20 platform acquisitions and overseen 15 exits, including two public listings.
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