Legal Business

In-house: TSB brings in GE legal head to replace retiring Crichton

TSB Bank has hired a new general counsel (GC) from GE Renewable Energy to replace retiring GC Susan Crichton, who guided it through both an initial public offer (IPO) and subsequent takeover.

The Edinburgh-based bank has appointed Lorna Curry, GC at the Hydro arm of multinational conglomerate GE, to replace Crichton (pictured), who is set to retire early next year.

Curry has more than 25 years’ experience, mostly at GE where she was most recently responsible for legal advice and risk management across its hydro projects.

Curry will take on the role in London from January, reporting to TSB chief financial officer Ralph Coates, while also attending its executive committee and providing legal advice on its strategy.

Coates said Curry would help guide TSB through the shift to a new IT platform and expansion into the small business banking market.

He added: ‘With her wealth of experience, skill and industry knowhow, Lorna will be invaluable in guiding senior management through this next chapter for TSB.’

Crichton, a former Post Office GC, came to TSB in late 2013 after the bank had split from Lloyds and moved towards an IPO in 2014.

TSB first opened in the early 1800s as Trustee Savings Bank and merged with Lloyds in 1995, which owned 70% of the equity.

But as a condition of the government’s bailout of the bank, Lloyds was ordered to sell 631 branches in a plan known as Project Verde.

TSB was then involved in a high-profile takeover by Spain’s Banco Sabadell less than a year after it listed in a deal which valued the bank at £1.7bn in 2015.

Commenting on her retirement, Crichton said she had had an enjoyable career but always planned to retire this year.

TSB chief executive Paul Pester said: ‘Susan has been with TSB for four years and has made a huge contribution to many key milestones in TSB’s journey, such as the IPO in 2014, sale to Sabadell in 2015 and the current migration to our new IT banking platform.’