A leading UK merchant banking group
At Close Brothers, we are here to help the people and businesses of Britain thrive over the long term.
Close Brothers is a leading UK merchant banking group providing lending, deposit taking and securities trading.
We employ approximately 3,000 people, principally in the United Kingdom and Ireland. Close Brothers Group plc is listed on the London Stock Exchange.
Read about our history in The Origins of Modern Merchant Banking
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Our values
We remain committed to our traditional values of service, expertise and relationships alongside teamwork, integrity and prudence, to help the people and business of Britain thrive over the long term.
Our Distinctive Approach
- We focus on our core values which drive strong employee engagement and customer loyalty
- Across our businesses we have a deep knowledge of the industry sectors and asset classes we serve which allows us to provide firmer lending decisions and faster access to funds when clients need them the most
- We take a prudent approach to managing our financial resources. We maintain a prudent maturity profile, with diverse sources of funding, and a conservative capital position throughout the cycle
- Each of our businesses is a specialist in its own niche market, driven by a strong customer led proposition and long-term client relationships
- We apply our lending criteria consistently at all stages in the financial cycle which protects the quality and returns of our lending while providing continuity of service for our clients
- Our lending is predominantly secured, with conservative loan to value ratios, small loan sizes and short maturities
Our model
Close Brothers has an established reputation as a responsible bank with a distinctive, prudent business model and a long-term approach. We focus on providing straightforward products and services in sectors we know and understand, and delivering quality and reliability for our clients.
Through all market conditions, we remain focused on:
- Providing straightforward products and services
- Maintaining a prudent approach and strong financial position
- Building lasting relationships
Our leadership
Mike Biggs
Mike has more than 40 years’ experience within the financial services sector, gained in both executive and non-executive roles. He has extensive experience as a listed company chairman and uses his broad skills and deep knowledge to lead the board and ensure that it operates effectively. Mike’s considerable experience of engaging with key stakeholders, including major shareholders and regulators, makes him well placed to lead the board and drive the strategy and culture of the group. Mike is an Associate of the ICAEW.
External roles
Current – none
Past
• Direct Line Insurance Group plc, chairman*
• Resolution Limited, chairman
• Resolution plc, chief executive officer and group finance director*
• Aviva plc, finance director*
*Directorship of publicly listed organisation
Mark Pain
Mark brings to the board more than 30 years’ finance, risk management and commercial experience. He has held executive and non-executive roles in both listed and private financial services companies, including in retail banking and insurance. Mark has experience as a SID and makes a highly valuable contribution to the board. He was previously finance director of Barratt Developments plc and Abbey National plc and this experience equips him to support the chair as SID.
External roles
Current
• AXA UK plc, chairman
• Empiric Student Property plc, non-executive chairman*
Past
• Barratt Developments plc, finance director*
• Abbey National plc, finance director*
• Yorkshire Building Society, senior independent director
• London Square Limited, non-executive chairman
• Ladbrokes Coral Group plc, non-executive director*
• Punch Taverns plc, non-executive director*
• Spirit Pub Company plc, non-executive director*
• Johnston Press plc, non-executive director*
• Aviva Insurance Limited, non-executive director
*Directorship of publicly listed organisation
Mike Morgan
Mike joined the board in November 2018 following his appointment as group finance director. Subsequently, in January 2025, he was appointed group chief executive. Between 2010 and 2018 Mike was chief financial officer of Close Brothers’ Banking division, and since 2010 he has been a director of Close Brothers Limited, the group’s principal banking subsidiary. Mike is a chartered accountant and his combined extensive experience of financial services and financial leadership, as well as his strong understanding of the group and its businesses, are an asset to the board.
External roles
Current
• Member of the finance, audit and risk committee of Battersea Dogs & Cats Home
Past
• ICAEW Financial Services Faculty Board, chair
• RBS, divisional finance director
• Scottish Provident, various senior roles
Kari Hale
Kari brings to the board extensive audit and commercial expertise and a deep understanding of the audit and governance environment, drawing on his many years in senior audit roles at Deloitte, including membership of its financial services industry board. His expertise includes leading sensitive and complex audits of high-profile organisations. Kari has deep experience of the financial services sector and served as a senior adviser to the Financial Reporting Council, having previously been an executive director at the Financial Services Authority. Kari also brings experience of chairing audit committees at large financial services organisations, making him qualified to chair the Audit Committee of the group.
External roles
Current
• AXA UK plc, non-executive director
Past
• Deloitte, senior audit partner
• Financial Reporting Council, senior adviser
• Financial Services Authority, executive director
Tracey Graham
Tracey brings to the board significant executive leadership experience from organisations in the financial and business services sectors, both in the UK and internationally. She is an experienced non-executive director, having served on a number of listed company boards across a range of financial services sectors. She is an experienced remuneration committee chair and has extensive experience serving as a senior independent director. Tracey’s significant commercial, operational and customer service insights are of great benefit to the board.
External roles
Current
• Nationwide Building Society, SID
• Virgin Money UK PLC, non-executive director
• Clydesdale Bank PLC, non-executive director
• Pension Insurance Corporation plc (and Pension Insurance Group Limited), non-executive director
Past
• DiscoverIE Group plc, SID*
• Royal London Mutual Insurance Society Limited, non-executive director
• Ibstock plc, SID*
• AXA Insurance plc, director of customer services
• Talaris Limited, chief executive officer
• De La Rue plc, various executive roles
• HSBC, various senior positions
• LINK Scheme Limited, non-executive director
*Directorship of publicly listed organisation
Patricia Halliday
Patricia brings considerable risk and commercial expertise to the board. She has more than 30 years’ experience in risk management across the investment, corporate and retail banking sectors, including serving as chief risk officer in financial services organisations. Her deep understanding of the regulatory, risk and governance environment is immeasurably valuable and supports the board’s leadership of the group. Her experience qualifies her to chair the Risk Committee.
External roles
Current
• State Street Corporation, director
• TD Bank Europe Limited, non-executive director
Past
• Santander UK, chief risk officer
• GE Capital International Holdings Limited, chief risk officer
• Deutsche Bank, credit risk managing director
• Barclays Capital, various senior risk management roles
Tesula Mohindra
Tesula brings to the board extensive finance and commercial expertise, drawing on over 25 years’ experience which includes senior executive and advisory roles in the banking, insurance and pension fund sectors. Tesula qualified as a chartered accountant with PwC and held managing director roles at JP Morgan and at UBS, specialising in corporate finance for financial institutions and pension fund risk management. She was a founding member of the management team of Paternoster, the specialist bulk annuity insurer, where she was a member of the executive committee. Since then, she has worked as an independent financial consultant advising on business plans and capital raising. Tesula’s considerable financial services expertise gained in a broad range of organisations, from investment banks to start-ups, supports the board’s leadership of the group and makes her well positioned to serve the board.
External roles
Current
• RAC Group, non-executive director
• NHBC (National House Building Council), non-executive director
• Variety, the Children’s Charity, trustee
Past
• JP Morgan, managing director
• UBS, managing director
Sally Williams
Sally brings extensive risk, regulatory and governance experience to the board, having held senior executive positions at Marsh, National Australia Bank and Aviva. Prior to that, Sally held roles at PwC in both their risk management and audit teams, over a period of 15 years. She is a chartered accountant, and also has significant experience chairing audit committees. The board benefits from Sally’s considerable experience of the broader UK financial services and insurance sectors, and her understanding of risk management, compliance and audit matters.
External roles
Current
• Lancashire Holdings Limited, non-executive director*
• Ovarian Cancer Action, trustee
Past
• Marsh Ltd, director of risk and governance
• National Australia Bank, head of risk, London
• Aviva, group risk and governance director
• PwC, director, risk management
• Family Assurance Friendly Society Limited (OneFamily), non-executive director
*Directorship of publicly listed organisation
Mike Morgan
Mike was appointed group chief executive in January 2025, after previously serving as group finance director since November 2018.
Between 2010 and 2018 Mike was chief financial officer of Close Brothers’ Banking division, and since 2010 he has been a director of Close Brothers Limited, the group’s principal banking subsidiary. Mike is a chartered accountant and his combined extensive experience of financial services and financial leadership, as well as his strong understanding of the group and its businesses, are an asset to the board.
External roles
Current
• Member of the finance, audit and risk committee of Battersea Dogs & Cats Home
Past
• ICAEW Financial Services Faculty Board, chair
• RBS, divisional finance director
• Scottish Provident, various senior roles
Fiona McCarthy
Fiona was appointed Group Chief Finance Officer in January 2025.
Fiona has over 30 years of Financial Services experience, gained across the Retail, Commercial, Corporate and Investment Banking sectors. She joined Close Brothers in 2019 as Group Financial Planning & Analysis Director and prior to this, worked at UBS, most latterly as interim CFO for the global investment bank. Fiona started her career at NatWest, where she undertook a number of senior Finance roles.
Robert Sack
Robert joined Close Brothers in April 2015 as Group Chief Risk Officer coming from Barclays where he had previously been Group Head of Wholesale Risk and Chief Risk Officer for Africa.
With a background in credit risk, Robert has also held roles as Chief Credit Officer for Barclays International Division as well as working for Barclays Capital in the Americas and globally for Standard Bank across emerging markets.
Simon Jacobs
Simon was appointed as Group Chief Operating Officer in August 2023.
Prior to joining Close Brothers, Simon was most recently Chief Operating Officer of Sainsbury's Bank & Argos Financial Services. Before that, he held a number of Chief Administrative Officer and Chief Operating Officer roles across the Commercial & Private Banking, Corporate Banking and Global Banking & Markets businesses in RBS/NatWest. Simon started his career with Barclays in both UK and international roles and also worked at Deloitte where he led transformation initiatives for Financial Services clients.
Simon has also previously chaired the Board of Trustees for a charity providing funding and support for Social Enterprises and Responsible Finance Providers.
Sarah Peazer-Davies
Sarah was appointed Group General Counsel and Company Secretary in January 2025.
Sarah joined Close Brothers in April 2015, having spent the early part of her career as a Corporate and M&A lawyer at magic circle law firm, Slaughter and May. Sarah has an extensive knowledge of the Group’s businesses, initially advising the Retail banking businesses, followed by a period as Head of Legal for Close Brothers Asset Management and, more recently, as Group Company Secretary and Head of Legal – Corporate, acting on strategic M&A transactions across the Group, while also providing advisory support to the Close Brothers Group plc board of directors.
Rebekah Etherington
Rebekah joined Close Brothers in October 2009 as Group Head of Human Resources having previously been at Royal Bank of Scotland Group as Head of Human Resources for the banking and fixed income capital markets business in the Americas, with global responsibility for the RBS Sempra Commodities Trading companies.
Prior to that she worked at West LB, having started her professional career at Ernst and Young. Rebekah is also a trustee of the Cardinal Hume Centre.
Ian Cowie
Ian was appointed CEO of Retail for Close Brothers in October 2023.
Prior to joining Close Brothers, he was most recently Chief Executive Officer at Shawbrook Bank. Before that, Ian held a number of Managing Director roles within Banking at the Royal Bank of Scotland Group, where he had leadership responsibility for SME Banking, Lombard Asset Finance and RBS Invoice Finance.
Bradley Dyer
Bradley joined Winterflood in 2004 as a senior dealer and was appointed Associate Director in 2014. He was appointed to the Winterflood Board as a Director in 2017 and became Head of Trading in 2018, with overall responsibility for trading across all sectors. He was promoted to Managing Director in April 2022 and was appointed as Chief Executive Officer of Winterflood, with effect from 20 September 2022.
Prior to joining Winterflood, he worked at James Capel and HSBC and later joined WestLB Panmure and WestLB Equity Capital Markets in 1997. He was mainly based at WestLB Panmure in London, but also spent time in both the New York and Dusseldorf office locations, trading European & US Equities as an Executive Director.
Phil Hooper
Phil joined the Property Finance division of Close Brothers as CEO in December 2023.
Phil joined the Bank from Pluto Finance where he was Head of Lending. He previously spent 36 years at Nat West Bank, latterly as Head of Real Estate where he managed the UK loan book of £30 billion.
Matt Roper
Matt was appointed CEO Commercial for Close Brothers in August 2023.
Matt joined Close Brothers as Group Chief Credit Officer in 2018. In April 2021 Matt was appointed CEO of Invoice & Speciality Finance, a position he held until August 2023. Matt, a Chartered Accountant who trained with KPMG, previously held senior roles at Barclays, both in the UK and his native South Africa.
Nazrul Kazi
Nazrul was appointed as Group Head of Internal Audit in September 2022.
Nazrul has over 20 years’ experience in internal audit, beginning his audit career at KPMG, specialising in the financial services sector of the audit practice. He then joined the Coventry Building Society within internal audit before moving to GE Capital in the role of Head of Internal Audit. Most recently, Nazrul was Group Audit Director for Aldermore Group where he set up the group internal audit function. In this role he supported Aldermore through strategic development of governance, risk management and the internal control environment pre-IPO, as a FTSE 250 organisation and latterly as part of the FirstRand group.
Close Brothers and Horse Racing
Charity and community
Treating customers fairly
Fraud Prevention
