Adrian Sainsbury has been selected by the Board of Close Brothers Group to succeed Preben Prebensen as chief executive.

The search has taken nine months, since Prebensen announced his departure in September 2019. Sainsbury will take his position from 21 September 2020.

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Sainsbury has been the managing director of Close Brothers’ banking division since November 2016. He joined the firm in 2013 as chief executive of the commercial division. Previously, he held roles at Barclays, RBS, and Bank of Ireland. In addition, he was chief executive of ANZ Bank in Europe.

Mike Biggs, Chairman, said: “I am delighted to announce the appointment of Adrian Sainsbury as Chief Executive. His deep knowledge and experience, strong leadership and exceptional commercial expertise make him ideally placed to lead the group through the next stage of its development. Adrian’s appointment provides continuity in the group’s leadership team and business model, ensuring that that we continue delivering for our people, our customers, and our shareholders in the years to come.

“The Board would like to thank Preben Prebensen for his outstanding leadership and very significant contribution over the last 11 years. He has overseen the transformation of the group over this period and leaves it in an excellent position operationally and financially and with a strong executive team. On behalf of the Board I wish Preben the very best for the future.”

Sainsbury said: “I am honoured to be appointed Chief Executive of Close Brothers. Our group has a long and successful track record built on the experience and expertise of our people, strong customer relationships, and a prudent approach to managing our business. I look forward to taking this proven and successful business model forward in the years to come.”

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Preben Prebensen said: “I am delighted that Adrian has been appointed as Close Brothers’ next chief executive. We have worked together for seven years and Adrian’s drive, his breadth of experience and his deep knowledge of our banking businesses have been very clear throughout that time. I am very pleased to be leaving the group in such capable hands.”