Caledonian Holdings plc, a significant shareholder in Alba Bank, announced on Monday that Jim McColl, Executive Director of Caledonian and founder of Alba, has stepped down from the board of Alba.

McColl’s Caledonian Holdings is an AIM quoted firm focused on building a financial services group. In September, Caledonian said its subsidiary Aspire Commerce Group Limited has completed the commercial launch of its “enhanced multi-currency business current account proposition” including the Mastercard World Business Debit Card.

McColl founded Alba Bank in 2018 and has played a central role in developing the business from inception, including establishing its management team, governance and risk framework, and progressing Alba through the regulatory authorisation process.

Alba Bank says it “aims to be Scotland’s first bank solely dedicated to lending to small and medium sized businesses.”

“His decision to step down, at present, comes at an important stage in Alba’s development and will enable Mr McColl to devote greater focus to Caledonian and the continued execution of the company’s financial services strategy, including maximising the long-term value of Caledonian’s investment in Alba,” said Caledonian Holdings.

“Alba has recently advised its shareholders that it expects to receive imminent regulatory approval, subject to the final capital requirements being satisfied before full authorisation.

“Caledonian believes that this represents a significant milestone in Alba’s development and remains fully supportive of Alba, its management team and its long-term strategy.

“The separation of Mr McColl’s executive responsibilities at Caledonian from Alba’s board also provides greater clarity between Caledonian’s position as a significant shareholder and Alba’s own board and management responsibilities.”

McColl said:  “Having founded Alba and remained closely involved in its development, I continue to have great confidence in its long-term prospects.

“At the present time I believe I can create greater value for Caledonian shareholders by focusing directly on our investment and on opportunities to strengthen and enhance our position as a major shareholder.

“This should not be viewed as a departure from Alba, nor as any reduction in my commitment to its success.

“Rather, it reflects a decision about where I can contribute most effectively during the next phase of the bank’s development.

“Building a successful bank is a marathon, not a sprint. Caledonian remains fully supportive of Alba, and I look forward to continuing to support its progress as a committed shareholder and founder.

“As the business evolves, future opportunities for engagement may rise and will be considered at the appropriate time in the interests of shareholders.”