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Bank bosses lined up to lead new trade body

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A new lending trade body has been set up and appointed its board following votes from existing trade associations to merge.

Last week a company called Newta Limited was set up, according to Companies House documents.

‘Newta’ stands for ‘new trade association’ and is not a permanent name, according to a spokesman.

The company’s officers include:

  • Council of Mortgage Lenders chairman Peter Hill
  • BBA chairwoman Noreen Doyle
  • Payments UK chairman Gerard Lemos
  • Barclays group general counsel Robert Hoyt
  • Secure Trust Bank chief executive Paul Lynam
  • HSBC UK head of retail banking and wealth management Francesca McDonagh
  • Nationwide Building Society mortgages and savings divisional director Richard Napier
  • MBNA chief executive Ian O’Doherty
  • ABN Amro chief executive Paul Gallagher
  • Hampshire Trust Bank chief executive Mark Sismey-Durrant
  • Lloyds Banking Group group corporate affairs director Matthew Young
  • RBS payments director Marion King
  • Santander head of retail products Reza Attar-Zadeh
  • American Express global payments services head Toby Mason
  • UK Cards Association chairwoman Melanie Johnson

The directors’ roles at the new body have not yet been revealed.

A Newta spokesman says the officers will lead the trade body in its early stages but may not have long-term roles.

He says: “It is very much the first step. It doesn’t necessarily mean they will have a role in the new TA. That will be a discussion that needs to be taken collectively.”

The merger was first suggested in an independent review last summer after pressure from nine major UK retail banks and a building society: Barclays, Clydesdale Bank & Yorkshire, Bank, Co-operative Bank, HSBC, Lloyds Banking Group, Nationwide, RBS, Santander, TSB and Virgin Money.

At the time the lenders said they wanted to review the current trade body setup because they wished to cut costs and avoid duplication of work.

The Building Societies Association and the Intermediary Mortgage Lenders Association have ruled themselves out of the merger.

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