Scottish Financial Enterprise selects new chairman

Philip Grant says a strong, growing and innovative financial services sector is "vital for Scotland's economy"

A senior figure in Lloyds Banking Group (LBG) has been selected as the new chairman of trade body Scottish Financial Enterprise (SFE).

Philip Grant, who is chairman of Lloyds' Scottish executive committee, will take over the role from CYBG banking group chairman Jim Pettigrew.

Mr Pettigrew is stepping down after completing his three-year term at SFE.

Mr Grant is managing director of customer and business risk at LBG's insurance and wealth division.

In 2016, he was appointed to chair the SFE's high level strategy group, which was responsible for devising the organisation's five-year strategy from 2017 to 2022.

Mr Grant said: "Having a strong, growing and innovative financial services sector is vital for Scotland's economy and global reputation.

"Scotland's people, education and skills infrastructure, enterprise support and ecosystem of established world class businesses, make it a fantastic place to start and grow a financial services business with local or international reach."

Mr Grant's appointment is subject to the approval of SFE members next month.