The Right Honourable Mark Field has been appointed Chairman of CIB Limited subject to regulatory approval.
After being awarded a class 1 (2) provisional banking licence in August 2019, the Circular Road based firm has been preparing to open what will be the island's first new bank in over 30 years, offering an entirely digital banking solution to corporate and qualifying high-net-worth clients.
As chair of the bank's board, Mr Field brings with him a wealth of experience, having practised as a corporate lawyer before being elected as the MP for Cities of London and Westminster in 2001. Mr Field held this position for over 18 years during which time he also served as the Minister for State at the Foreign and Commonwealth Office and as vice-chair of the Conservative Party.
In his time in office, Mr Field has consistently supported the contribution of the Crown Dependencies to the UK economy, something which was touched upon during his keynote address at Capital International's Investment Seminar held at the Comis hotel on Thursday.
At the event, Mr Field shared his insight into the UK's post-election political landscape and discussed the likely future developments for the Isle of Man and other Crown Dependencies.
Having introduced Mr Field at the seminar, Capital International's CEO, Greg Ellison, commented on the appointment: "On the day I heard that Mark was not standing in the recent general election, we began a discussion which led to his agreement to join the board. I've known Mark for over a decade and during that time he has been a passionate advocate of the Crown Dependencies in Westminster for their positive contribution to the UK economy. With an outstanding background in law, politics and international affairs, Mark will be instrumental in leading the bank's board with our governance and direction. I am delighted with Mark's appointment as Chairman of CIB Limited and we are looking forward to working with him in the exciting years ahead.''
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