WEST BROMWICH Building Society has named Nottingham Building Society’s deputy CEO and finance director as their next group finance chief.
Ashraf Piranie (pictured) will take up his new position as the Society’s group finance and operations director in April 2017 on the retirement of incumbent Mark Gibbard.
Piranie, who has been with The Nottingham for nine years, was hailed for his “outstanding contribution” to the society by its CEO David Marlow.
Gibbard, who has spent six years with West Bromwich, was equally praised for his efforts. He has been “a driving force” in restoring the building society’s financial strength in the wake of the global financial crisis, said West Bromwich Building Society chairman Mark Nicholls.
“Finding a successor of the highest calibre to take the society into an exciting new phase of growth has been a paramount objective of the board. I am therefore delighted that we have been able to achieve this with the appointment of Ashraf,” said Nicholls.
In October 2008 West Bromwich Building Society – Britain’s seventh largest society – had to be rescued from collapse as the 2007 banking credit crunch spread globally taking with it the once revered Lehman Bros in its destructive wake.
But the 167-year old lender was saved from the ignominy of a multi-million pound taxpayer bailout, unlike RBS, by reaching a deal with debt-holders to strengthen its finances.