Ed, who will take up his post with the bank at the end of July, joins from Big Issue Invest (BII), the social investment arm of The Big Issue Group, where he has been Managing Director since 2008. During that time, BII has grown from a book of social enterprise loans of around £2 million to a diverse array of social funds under management of over £65 million.
Last month, Charity Bank announced it had lent over £15.2 million to the social sector in the first three months of 2018; more than any previous quarter in its history. This follows three consecutive years of record lending to charities and social enterprises, with drawn loans growing from £52 million at the start of 2015 to over £120 million today.
Ed will lead the delivery of Charity Bank’s strategy to continue to grow its loan book and to present an ethical savings choice to a wider audience, building on the strong foundations that have been laid.
George Blunden, Charity Bank’s Chairman, said: “Under Patrick’s leadership we have provided loans and support to hundreds of charities and social enterprises, touching the lives of more than one million people from across the UK. As we move towards sustained profit, we are taking steps to extend our support and impact further.
“We believe Ed is the right person to lead Charity Bank as we enter this new phase and take action to address how we can best meet the future expectations and needs of the social sector.
“Ed is an exceptional choice for Charity Bank because of his experience and deep understanding of the social sector. Charities and social enterprises are dealing with many pressing problems and our goal remains to increase the financial options available to them, so they can make a bigger difference to the people and communities they serve.”
Ed Siegel said: “I am delighted to be taking on this role during such an exciting phase of growth for the bank. Charity Bank has a well-earned reputation and one of the strongest brands in our sector. Its mission to use money for good was a key factor in my decision to pursue this opportunity. The bank’s community of borrowers, savers, investors and its team are all working towards one goal – to help strengthen charities and social enterprises so that they can create lasting social change.”
Ed has over 30 years of corporate banking, social investment and business consulting experience. He spent the early part of his career in commercial banking, mainly with Credit Suisse. Before joining BII in 2008, Ed was head of the Small Business Banking practice of ShoreBank International (now known as Enclude) where he oversaw the implementation of SME finance programmes and advised financial institutions throughout the developing world.
George Blunden, added: “Patrick has led Charity Bank with great aptitude and passion. He has taken Charity Bank to the point where it is close to achieving a sustained profit and leaves behind a bank that is achieving record loan and deposit growth and social impacts, for which he should take great credit. Patrick has cemented Charity Bank’s position as the bank of, and for, the social sector.
“I join with my fellow directors and Charity Bank staff to express sincere gratitude and to wish him all the best in his retirement.”