According to a story in The Times today, Andy Golding, the former boss of Saffron Building Society hired just over two years ago by JC Flowers, the private equity owner of One Savings Bank, was the biggest beneficiary with a near-£10m share award.
Golding sold 30% of his stock award on the day of the float, the maximum permitted, cashing in £2.78m.He holds another 3.82m shares, worth £6.5m on Friday.
Ten other directors also cashed in the maximum amount and one chose to sell 20%.
A One Savings Bank spokesman said: “Golding was one of the first of the bank’s permenant hires when the bank was making significant losses and he has built a low-risk profitable business.”
Before joining OSB, Golding was the chief executive of Saffron Building Society, the UK’s 13th-largest mutual with 12 branches.
OSB was formed out of the old Kent Reliance building society, which JC Flowers took over in a controversial deal in 2010. The private equity firm paid £50m for a 40% stake that effectively demutualised the struggling 163-year-old institution.
The Group trades under the Kent Reliance, InterBay, Prestige and Heritable brands in the UK and under the Jersey Home Loans and Guernsey Home Loans brands in the Channel Islands.
