Meredith (pictured) will step down as a long-standing director of United Trust Bank (UTB) and head of its property development division. He will continue to consult for the bank.
Bovingdon has been promoted from head of originations within the property division, having joined UTB in 2014. He has 15 years’ experience developing and managing a portfolio of property clients.
UTB said Meredith played a central role in growing the bank having joined in 1999 when the its loan book comprised £9.9m of development finance.
He has worked closely with successive chief executives Graham Davin and Harley Kagan to build a bank with a property development loan book of £1bn today and joined the board of directors in 2010.
Meredith led the creation of the bank’s £250m Housing Accelerator Fund, which launched last month. The fund is five-year partnership between UTB and Homes England to support small and medium size house-builders and developers.
“I have thoroughly enjoyed the last 20 years helping to build UTB into an established and highly respected specialist lender,” said Meredith.
“It has given me great satisfaction to see new housebuilders and developers, who I formed relationships with as business development manager 20 years ago, flourish into successful and sustainable businesses — with UTB supporting their growth, through every crisis from credit crunch to Covid-19.”
“I’ve worked with many of the best people in the industry, not least the fantastic, committed and talented property development team at UTB.
“I will no doubt miss the camaraderie of working in such a vibrant environment, but I’m leaving the bank in great shape and looking forward to watching UTB write the next exciting chapter of its remarkable story and improving my handicap when my golf club reopens,” he added.
Bovingdon said he was looking forward to leading the team.
“Noel has been a big part of UTB for over two decades and having posted a record breaking year in 2020 he’s leaving the property development division in particularly good shape.
“He’s been an excellent mentor and I’m pleased we’ll continue to benefit from his vast knowledge as he becomes a consultant to the bank,” he added.
Harley Kagan, chief executive officer of United Trust Bank, said: “Noel has been a very valued member of the team and has made an enormous contribution over many years to building UTB into a respected player in the development finance market. His experience and professionalism will be missed but we look forward to continuing to work together in his new role.
“We congratulate Adam on his appointment and wish Noel all the best for his retirement. I have no doubt he will be on the club’s leaderboard in no time,” Kagan said.